The Terra Luna Classic price (LUNC) bounced 4% on Wednesday despite a governance proposal to prevent double network validating falling flat and a stagnant trading activity across the broader crypto market.
I have voted NO on proposal 12101
Although I recognise the problem:
1: if you follow the proposal to the letter, it would prevent allnodes, hexxagon, etc, from offering their managed validator service.
2: There is no defined method to prevent, the proposal is un-actionable… pic.twitter.com/KCjmRwrCR3
— SolidVote LUNC Validator (@SolidVote) May 4, 2024
Critics of the proposal pointed out that it would prevent some providers of managed node validator services from operating.
Others pointed out that it would be un-actionable, as node validators could choose to ignore the proposal anyway.
We voted in support of the flavour of governance proposal 12101, however we recognise that it is not possible to implement or monitor.
Looking forward to a better thought out proposal to encourage good behaviour rather than force behavioural change in an unenforceable way.…
— TerraCVita (@TerracVita) May 4, 2024
The Terra Luna Classic price (LUNC) is trading around $0.0001060, with its 21DMA acting as a magnet.
LUNC pushed as high as the $0.00012s earlier this week but quickly reversed after finding resistance at its 50DMA.
Sellers came in to pressure the Terra Luna Classic price after it probed its 50DMA. Source: TradingView
The failure to break above the $0.00012 resistance zone shows that bulls are yet to regain control.
That’s unsurprising, with the broader crypto market stuck within recent ranges.
Bitcoin (BTC) failed to break above its 50DMA earlier this week and fell back to $ 62,000.
The cryptocurrency market is currently lacking bullish narratives. Bitcoin is stuck in its typical post-halving lull ahead of summer, which is typically not a good time of year for crypto, and spot Bitcoin ETF demand has eased as markets await potential Fed rate cuts at the end of 2024.
Ethereum ETF applications are also likely to be rejected by the SEC later this month. Concerns about US regulatory enforcement against the crypto sector were in focus this week after the SEC’s Robinhood Wells Notice.
Terra Luna Classic Price Prediction – Can LUNC Sustain Momentum?
Despite having pulled back from earlier weekly highs above $0.00012, LUNC is still up more than 45% versus last week’s lows.
The cryptocurrency just snapped a downtrend that had been in play since early March, suggesting the technical outlook has improved substantially.
That said, for the LUNC price to continue higher, it must break sustainably above $0.00012 resistance.
For the Terra Luna Classic price to continue higher, it must break sustainably above $0.00012 resistance. Source: TradingView
Traders don’t need to pay much attention to developments in the LUNC community.
Since the collapse of the Terra ecosystem back in May 2022, Terra has basically become a ghost chain.
Pretty much all of its prior users, developers, investors, and community left the token.
LUNC has become a highly speculative token akin to a meme coin.
The token pumps at times of market optimism, like in early March when Bitcoin was hitting new record highs.
And LUNC dumps as that optimism fades. Very few LUNC buyers are long-term holders who expect a revival of the blockchain.
Better Alternative to Consider – Wiener AI (WAI)
Investors tempted to jump into a risky, speculative coin like LUNC obviously have a high-risk tolerance.
This appetite towards risk might be better served with a different strategy that, while also risky, has higher upside potential.
The strategy in question is crypto presale investing, which involves buying the tokens of startup crypto projects before they release a product.
A fun new AI meme coin called Wiener AI (WAI) has caught the attention of analysts at Cryptonews.
The Sausage dog-themed meme coin offers a suite of handy AI trading capabilities and has already raised over $1.3 million.
Once you harness the power of AI for your trading…you’ll never look back.
— WienerAI (@WienerDogAI) May 7, 2024
Interested investors may want to move quickly, as the WAI price will rise when the $1.66 million presale target is hit.
Currently priced at $0.000705, investors are buying WAI at a market cap of around $45 million.
However, investors could look at gains of 10x or more if WAI becomes a market leader.
20% of the supply has been allocated to staking rewards, with presale investors currently earning a massive 721% APY.
A HUGE MILESTONE!
Just WAIT until you see what we have in store.
— WienerAI (@WienerDogAI) May 4, 2024
At this rate, investors can double their initial presale investment in under one month.
The post Terra Luna Classic Price Prediction as LUNC Rallies 4% Despite Failed Governance Proposal – Can It Sustain the Momentum? appeared first on Cryptonews.
