Over the past 24 hours, Terra Luna Classic (LUNC) has experienced a 3% decrease in price, falling to $0.00005928, positioning the altcoin in the 100th spot in the cryptocurrency market cap rankings.
LUNC has also seen a 3.5% decline in the past week, although it has recorded a 3% increase in the last 14 days. Despite this short-term improvement, it still exhibits a 1% decline over the course of a month and a significant 81% decline over the past year.
These continuous declines indicate a sustained downward trend affecting LUNC in 2023. The coin’s community has encountered challenges in driving both its price and that of its associated stablecoin, USTC, higher.
This suggests that LUNC may continue to experience further declines in the near future. However, if substantial actions are taken to enhance its ecosystem and price, there remains potential for a potential rally in the future.
Following its participation in the market’s rebound on Monday, LUNC is currently undergoing another downturn, with its technical indicators reflecting this shift accordingly.
Source: TradingView
The relative strength index (RSI) of LUNC, which was previously at 60 just a few days ago, has now dropped to nearly 40, and there’s potential for it to continue declining before the coin reaches oversold conditions relative to recent price movements.
Another indicator signaling weakness is LUNC’s 30-day moving average (represented in yellow), which is struggling to recover, despite appearing to stabilize over the past week. Furthermore, this average remains well below the coin’s longer-term 200-day average (shown in blue).
These indicators raise concerns, and it will be crucial to observe whether LUNC’s present short-term support level (indicated in green) can withstand a decline below $0.0000590. If it does break below this level, it may signal further declines, which are already hinted at by the consistent decline of LUNC’s longer-term support level throughout the year.
It appears that the broader market has lost interest in LUNC, as evidenced by several governance proposals that have failed to significantly impact its price in recent weeks and months.
The most recent proposal within Terra Luna Classic pertains to funding an experienced team of developers. Their mission is to implement a comprehensive roadmap of improvements aimed at bringing value to the Terra Classic blockchain and propelling it to its rightful place within the ecosystem.
Voted "NO" to #LUNC proposal 11828 by the six samurai.
While there is no deny the mentioned road map is exactly what the chain needs. However, there is no guarantee it can be realized.
You dont agree ? Lets have a discussion 👇 pic.twitter.com/5GDpkQLcHt
— StellarDrift 🛰️ (@StellarDrift__) October 3, 2023
However, it has come to light that many crucial validators and community members are voting against this proposal, with some contending that it lacks realism.
This development is noteworthy because when active participants in the community question the feasibility of such plans, it prompts an external observer to ponder the future prospects of Terra Luna Classic (LUNC).
From a pessimistic standpoint, the outlook may appear bleak.
Nevertheless, there is a silver lining in witnessing sincere discussions about how to rejuvenate Terra Luna Classic, which suggests that it might be premature to conclude that all hope is lost.
For the time being, it is plausible that LUNC may continue its descent over the next few months unless a concrete plan is set in motion.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
Author
