- The successful LUNC burn proposal caused a brief price increase for Terra Luna Classic.
- Community members are voting on a proposal to remove KYC for developers.
- Expert Chartist Predicts Dark Shadows Over LUNC: Is Another Crash Coming?
The Terra Luna Classic (LUNC) chain saw a massive rally early Sunday, hitting a new weekly high of $0.00008616. The bullish breakout occurred after LUNC closed on August 10, 2024, with a huge green candle showing a 23.36% gain.
LUNC’s rally from its weekly low on Saturday continued into Sunday morning, with a 29% gain, but more than 11% of the gains were reversed the next day, leaving LUNC well below its monthly high of $0.0000935.
Terra Luna Classic falls back to previous highs
Meanwhile, crypto traders are looking for short selling opportunities in LUNC. Chart analyst Paxton noted: “$LUNC looks bearish. Price has fallen to previous highs.” Noting that LUNC had posted a double-digit bounce after rising 29% to a seven-day high, the trader set an invalidation target of $0.000108.
If Terra Luna Classic manages to close above the price range, Paxton’s bearish outlook for LUNC will be invalidated. However, this key resistance level has not been touched since early June 2024. On the other hand, LUNC’s upcoming price movement is largely dependent on community initiatives.
The 29% rally in LUNC over the past weekend can be partially attributed to the newly implemented ‘Tax2Gas’ protocol, which is expected to significantly reduce the remaining LUNC supply. Days after the LUNC burn tax proposal was approved, the community is considering a proposal to remove Know Your Customer (KYC) for developers on Layer-1 chains.
So far, proposal #12033 has received mixed responses from community members. Some see the risk of removing developer verification as a risk, and that the LUNC chain could collapse due to malicious actions by illegal anonymous developers. LUNC holder Katie Lewis said, “We have developers working on Lunc, not inventing unsecured zones. Let’s keep KYC and leave the drama to the soap opera!”
Two of the top 15 validators on the Terra Classic chain voted to approve the proposal, while two voted ‘against with veto power.’ Opinions on social media channels were also mixed.
Chain validator Danny Demi DeFi said: “Requiring KYC at $LUNC Landia is as absurd as requiring a urine test for KFC entry-level employees.”
Regardless of the outcome of the vote, it is likely to have a significant impact on the price of LUNC. Judging by the wide Bollinger Bands on Terra Classic’s 4-hour chart, we can expect to see more price volatility.
Currently LUNC is still in neutral territory with a 50 RSI, but the 0.20 Chaikin Money (CMF) index suggests that large investors are entering Terra Luna Classic. At the time of writing, the 136th ranked LUNC is trading at $0.0000787, with a market cap of $429 million and a remaining supply of 5.44 trillion.
On the other side
- Terra Luna Classic’s social sentiment has been on the decline along with LUNC’s trading volume.
- In the last 24 hours, just over $45 million worth of LUNC was traded across all exchanges.
Why this matters
Voting on governance proposals allows holders to make democratic decisions, which in turn attracts interest from investors who want to participate in the growth of the chain.
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