Terra (LUNA) Luna (LUNA) remains one of the most criticized digital currencies since the collapse of its sister crypto token TerraUSD (UST) in May a year ago. Its community members remain committed to rebuilding what is left of the Terra (LUNA) ecological system and its native crypto token LUNA.
The embattled project still boasts commendable milestones and achievements made over recent months. On May 18, the Terra (LUNA) team took to Twitter listing a number of events that took place on the network during the 30 days of April.
The official Terra (LUNA) handle tweet issued on May 18 gives recent updates on Ecological system, Governance, Integrations & Listings, Media Features, and Community Thread Highlights.
Get a quick read on everything that happened in the Terra (LUNA) ecological system in April in this month’s Community Update!👇
✅ Ecological system Updates
✅ Governance Updates
✅ Integrations & Listings
✅ Media Features
✅ Community Thread Highlights
— Terra (LUNA) 🌍 Powered by Terra (LUNA) 🌕 (@terra_money) May 18, 2023
The update, which was authored by the Head of Communications at Terra (LUNA) Money, Zion Schum, provided an overview of the present situation at Terra. Pointing out the constant battle the community faces with constant FUD from the industry, Schum wrote in a post on Medium:
“It’s not easy to ship cool shit when the entire world tries to FUD you to death, but that’s precisely what the Terra (LUNA) community did in April. From the unveiling of Terra’s cutting-edge new Alliance module to the introduction of Enterprise’s user-friendly, no-code DAO management platform, there is a lot to unpack in this month’s update.”
Terra’s Alliance – Harnessing the power of incentive alignment
1 of the most important updates by Terraform Labs (TFL) was the rollout of an open-source economic tool named Alliance “enabling Cosmos blockchains teck to trade yield.” The tool allows numerous crypto tokens to be staked on a single blockchain tech, earning staking rewards.
With this, Alliance is opening the door for plenty of use cases that strengthen “decentralized economies, including attracting users, liquidity, and developers.” It is likewise aimed at deepening liquidity for essential crypto token pairs, incentivizing native app development, and diversifying or augmenting staking yield.
1/ Today’s Alliance integration opens up a myriad of opportunities for growth and collaboration for Terra (LUNA) and other @cosmos ecological systems 🤝
Discover what makes Alliance the ideal tool to scale decentralized economies in our new post from @Zion_Schum 👇
— Terra (LUNA) 🌍 Powered by Terra (LUNA) 🌕 (@terra_money) April 20, 2023
Other updates made by TFL include governance milestones including proposals to upgrade Terra (LUNA) Core to v2.3.1 by integrating the Alliance module, provide Lion DAO with a Terra (LUNA) provides – which passed with 65 percent “Yes” vote and to finance TerraSpaces with a community provides continuation managing Twitter spaces – this as well passed with 69%.
Other updates included the ruling by South Korea’s Seoul Southern District Court that Terra (LUNA) (now LUNC) is not a security.
For a project that has been through a lot since the Spring of 2022, these updates attract intend to the Terra (LUNA) community with traders expecting them to positively impact Terra (LUNA)’s price.
Unfortunately, Terra (LUNA) price is down 8.79 percent since the updates were created public. This reinforces the bearish outlook of the token.
Terra (LUNA) Luna price at danger of 15 percent more losses
Terra (LUNA) price dropped below $1 on May 8, a level of support that had not been breached for over a year. Simultaneously, the Terra (LUNA) network’s native crypto token has continuously been suppressed by a stubborn descending trendline during the previous 5 months.
Note that the price action over the last two weeks has seen Terra (LUNA) record a series of lower highs and relatively equal bottom Line, leading to the appearance of a descending triangle chart pattern on the daily chart as shown below.
These technical formations are significantly bearish indicators and feature exact bearish breakout targets that are equal to the thickest part of the triangle.
Bulls unsuccessfully aimed to breach the resistance line of the triangle 1st on May 17 and once more early on Tuesday. Both attempts ended up as mere frustrations as the bulls were not strong enough to break the barrier.
Consequently, Terra (LUNA) price persists to recoil inside the descending triangle with the resistance line governing the price lower.
A break below the horizontal support line (the triangle’s x-axis) at $0.885 would confirm a bearish breakout for the crypto altcoin. This would be the path for Terra (LUNA) Luna’s 15.74%% downward spiral to $0.75
LUNA/USD Daily Chart