LUNC Price Soars 8% as Terra Luna Classic Passes IBC Proposal

• LUNC community passed Proposal 12104 to reactivate IBC with Osmosis.

• Crypto analyst Javon Marks predicts a potential LUNC price surge, with targets of $0.00058046.

The Terra Luna Classic community has successfully passed Proposal 12104 to reactivate interblockchain communication (IBC) with the Osmosis protocol. This decision marks a significant milestone, enabling seamless transfers between Terra Luna Classic and Osmosis. Client ID 07-tendermint-12 on Columbus-5 references the Osmosis validator set to be reinstated.

Proposal 12104, titled “Reactivate Osmosis IBC,” was introduced by developer Fragwuerdig, a former core developer. The proposal received an overwhelming 85% approval from the community, surpassing the pass threshold in the governance voting on the Station wallet. The voting period, culminating on May 25, also saw 15% of votes cast as “No with veto.”

Among the 40 validators participating in the vote, 38 expressed their support. Notable validators backing the proposal include LuncGoblins, Moon Rabbit Validator, and MoonRunners. However, Allnodes has yet to cast its vote.

Vegas, a Terra Classic member and validator, emphasized the necessity of updating the Osmosis IBC client for efficient relay operations. He proposed upgrading from version 07-tendermint-12 to 07-tendermint-250. This update is considered crucial for the optimal functioning of the IBC relay, facilitating smooth interchain transfers between LUNC and Osmosis.

LUNC Bullish Indicators Identified

Crypto analyst Javon Marks has identified a bullish pattern that could lead to a substantial rise in LUNC’s value. Javon Marks, a well-known crypto analyst, recently shared his insights on LUNC’s price movements on the social media platform X. According to Marks, LUNC’s price chart reveals a bullish pattern that indicates a potential continuation of the token’s upward trajectory. He projects an initial target of $0.00058046, which represents a more than 414% increase from LUNC’s current price of $0.0001089.

$LUNC (Terra Classic) surges, displaying near major strength here and may only be just getting started as breakouts holds that can imply another +70.2% and much, much more.

This setup can imply the $0.00021439 levels to return, and it may happen quickly… https://t.co/mBxM7hiiAl pic.twitter.com/Dq5Q6SyW6x

— JAVON⚡️MARKS (@JavonTM1) May 22, 2024

Marks believes this initial target may be conservative. He highlights a previous breakout and subsequent price increase for LUNC, suggesting that the token could surpass multiple resistance levels. If this scenario unfolds, LUNC could reach a price of $0.00139122, marking an impressive 1134% increase from its current value. Following the approval of the IBC reactivation proposal, there has been a significant increase in trading volumes for tokens within the Terra Luna Classic ecosystem.

Factors Influencing LUNC’s Future

The potential for LUNC’s price increase depends on several factors. Positive sentiment within the cryptocurrency community could drive further interest and investment in LUNC. Additionally, any new developments or upgrades to the Terra Classic network could attract new users and investors, potentially boosting the token’s value.

Marks’ analysis updates his earlier prediction from April 4, 2024, in which he identified LUNC as technically bullish and expected a significant upward movement towards $0.00058046. 

The LUNC price rose 3% within the last 24 hours, though it retraced some gains towards the end. The 24-hour trading range was between $0.0001089 and $0.0001263. Additionally, trading volume increased by 272%, indicating robust market interest. Similarly, USTC experienced a 5% price increase over the past 24 hours, although it subsequently declined due to traders’ profit-taking.