Terraย (LUNA) Luna (LUNA) remains one of the most criticized digitalย currencies since the collapse of its sister cryptoย token TerraUSD (UST) in May aย yearย ago. Its community members remain committed to rebuilding what is left of the Terraย (LUNA) ecologicalย system and its native cryptoย token LUNA.
The embattled project still boasts commendable milestones and achievements made overย recentย months. On May 18, the Terraย (LUNA) team took to Twitter listing a number of events that tookย place on the network during the 30ย days of April.
The official Terraย (LUNA) handle tweet issuedย on May 18 gives recent updates on Ecologicalย system, Governance, Integrations & Listings, Media Features, and Community Thread Highlights.
Get a quick read on everything that happened in the Terraย (LUNA) ecologicalย system in April in this monthโs Community Update!๐
โ Ecologicalย system Updates
โ Governance Updates
โ Integrations & Listings
โ Media Features
โ Community Thread Highlightsโ Terraย (LUNA) ๐ Powered by Terraย (LUNA) ๐ (@terra_money) May 18, 2023
The update, which was authored by the Head of Communications at Terraย (LUNA) Money, Zion Schum, provided an overview of theย 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:
โItโs not easy to ship cool shit when the entire world tries to FUD you to death, but thatโs precisely what the Terraย (LUNA) community did in April. From the unveiling of Terraโs cutting-edge new Alliance module to the introduction of Enterpriseโs user-friendly, no-code DAO management platform, thereย is a lot to unpack in this monthโs update.โ
Terraโs Alliance โ 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 โenabling Cosmos blockchainsย teck to trade yield.โ The tool allows numerous cryptoย tokens to be staked on a single blockchainย tech, earning staking rewards.ย
With this, Alliance is opening the door for plentyย of use cases that strengthen โdecentralized economies, including attracting users, liquidity, and developers.โ It is likewise aimed at deepening liquidity for essential cryptoย token pairs, incentivizing native appย development, and diversifying or augmenting staking yield.ย
1/ Todayโs Alliance integration opensย up a myriad of opportunities for growth and collaboration for Terraย (LUNA) and other @cosmos ecologicalย systems ๐ค
Discover what makes Alliance the ideal tool to scale decentralized economies in our new post from @Zion_Schum ๐
โ Terraย (LUNA) ๐ Powered by Terraย (LUNA) ๐ (@terra_money) April 20, 2023
Other updates made by TFL include governance milestones including proposals to upgrade Terraย (LUNA) Core to v2.3.1 by integrating the Alliance module, provide Lion DAO with a Terraย (LUNA) provides โ which passed with 65 percent โYesโ vote and toย finance TerraSpaces with a community provides continuation managing Twitter spaces โ this asย well passed with 69%.ย
Other updates included the ruling by South Koreaโs Seoul Southern District Court that Terraย (LUNA) (now LUNC) is not a security.ย
For a project that has been through a lot since the Spring of 2022, these updates attract intendย to the Terraย (LUNA) community with traders expecting them to positively impact Terraย (LUNA)โsย price.
Unfortunately, Terraย (LUNA) price is down 8.79 percent since the updates wereย created public. This reinforces the bearish outlook of the token.
Terraย (LUNA) Luna price at danger of 15 percent more losses
Terraย (LUNA) price dropped below $1 on May 8, a levelย ofย support that had not been breached for over a year. Simultaneously, the Terraย (LUNA) networkโs native cryptoย token has continuously been suppressed by a stubborn descending trendline duringย theย previous 5 months.ย
Note that the price action over the last two weeks has seen Terraย (LUNA) record a series of lower highs and relatively equal bottomย Line, leading to the appearance of a descending triangle chart pattern on the daily chart as shown below.ย
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 aimedย to breach the resistance line of the triangle 1st on May 17 and onceย more early on Tuesday. Both attempts ended up as mere frustrations as the bulls were not strong enough to break the barrier.ย
Consequently, Terraย (LUNA) price persistsย to recoil inside the descending triangle with the resistance line governing the price lower.ย
A break below the horizontal support line (the triangleโs x-axis) at $0.885 would confirm a bearish breakout for the cryptoย altcoin. This would be the path for Terraย (LUNA) Lunaโs 15.74%% downward spiral to $0.75
LUNA/USD Daily Chart
The same chart likewise showed thereย is a wholeย lotย of supplier congestion zone stretching from $1.16 to $1.60, suppressing Terraย (LUNA) price from pushing for an immediate rebound.ย
Note that this is where all the Simple Moving Averages (SMAs) sat, suggesting that there are stiff barriers in the tokenโs recovery path.
Furthermore, the Relative Strength Index (RSI) showed that the bearsโ grip on Terraย (LUNA) Luna was company. This trend-following indicator was positioned at 34 in the oversold region, suggesting that there was still more room to the downside.
On the upside, the RSI displayed oversold conditions for Terraย (LUNA) LUNA, implying that a tendency reversal was in the offing. Additionally, the Moving Average Intersection Divergence (MACD) indicator was facing upwards and had just sent a call to buy LUNA. This happened on May 20 when the MACD line (blue) crossed over the signal line (orange). This showed that the cryptocurrency was primed for a recovery.ย
Thisย isย why, Terraย (LUNA) Luna price could turnย up from theย present level to produce a daily candlestick close over the triangleโs resistance line trendline at $0.92. This would mean buyers are aggressively defending this pointย ofย support provided by the horizontal line of the governing chart pattern at $0.85.ย
Such a move would bolster the coin towards the 50-day SMA near $1.16, the 100-day SMA at $0.134, and the 200-day SMA at $1.51. Overcoming this level could see the Terraย (LUNA) Luna price boost toward the $1.60 psychological level.ย
