TerraCVita, an independent Terra creators association, has raised $2 million to fund new DeFi projects in its own ecosystem. This could restore the value of Terra Luna Classic native tokens.
Luna Classic (LUNC) generated double-digit gains for holders from January 3 through January 17. This new infusion is seen as a signal that the association is determining successful steps to revive the plan.
The $2 million was raised by the independent development group TerraCVita through the recent sale of Terraport. The group hopes to launch a decentralized exchange (DEX) and managed tokens through an initial coin offering and create fiat pairs on Terra Classic.
Additionally, a roadmap has been created to burn 5 trillion Luna Classic tokens through various dApps.
Luna Classic is currently in a periodic long-term downtrend. This chart shows that Terra Ecosystem tokens began their uptrend on January 3.
While the LUNC price failed to recover from the Fibonacci 23.6% retracement level of $0.000181, the token is expected to recover after reaching the 38.2% Fibonacci retracement level of $0.000172.
A recovery to this value could send LUNC to a price target of $0. 000194.
The Conditional Strength Index (RSI), a momentum indicator, is currently 51.81. The property is in the neutral zone, protecting space for a recovery. The downtrend lacks underlying strength, and gold crosses rarely appear on the LUNC price chart, but this could be a bullish sign for the token.
A Golden Cross appears when the 50-day exponential moving average crosses the 200-day EMA.
38. A break below the 2% Fibonacci correction will suppress the bullish trend in LUNC. Cannot read all totals.