Terra Classic (LUNC) has had a rollercoaster week, reflecting both volatility and renewed investor interest. The token currently trades at $0.00005454, down 2.84% over the last 7 days, but showing signs of recovery as it inches back toward its weekly high.

Price Movement and Market Cap

During the week, LUNC’s price fluctuated between $0.00005324 and $0.00005528, suggesting narrow yet impactful moves. While the 7-day performance is slightly bearish, the market cap sits at $301.61M, showing a 2.04% increase, hinting that buying pressure is returning.

_{7-day price chart. Source: CoinMarketCap}

Interestingly, trading activity spiked, with $7.7M in 24-hour volume, marking a 22.2% jump. This rising liquidity signals renewed participation, possibly fueled by speculation around governance proposals and staking rewards.

Governance Proposals Stir Interest

A key catalyst this week was the re-submission of the USTD proposal, a plan to introduce a decentralized, yield-bearing stablecoin on Terra Classic. Despite being previously rejected, its reopening has divided the community. Some validators see it as a step toward utility restoration, while others deem it unnecessary. This debate appears to have generated mixed sentiment but kept traders engaged.

Community Sentiment

The LUNC community remains highly bullish, with 87% of 200K+ voters expressing optimism about the token’s direction. This sentiment, paired with rising volume, may fuel a stronger rebound if buying momentum continues into October.

If LUNC can sustain its upward momentum, it may attempt to break above $0.00005550, which could act as a near-term resistance. However, failure to hold above $0.00005300 could expose the token to further downside pressure. With its circulating supply at 5.51T LUNC out of a total 6.48T, long-term price action will depend heavily on community-led burning initiatives and ecosystem growth.

The post LUNC’s Price Action This Week: Dip, Rebound, and What’s Next for Terra Classic appeared first on FXcrypto News.