The Terra Luna Classic Community Debate
The Terra Luna Classic community recently engaged in a heated debate sparked by a funding proposal put forward by developer Vinh Nguyen for Q4 2023. This proposal has further divided the community, with some members highlighting flaws made by the Layer-1 Joint Task Force (L1JTF) in Q3, which negatively impacted several dApps on the chain. It is worth noting that three previous members of the voluntary developer team left due to safety concerns.
LUNC Market Position and Analysis
Terra Luna Classic currently holds the #100 position in terms of global market capitalization. However, its market price, represented by $LUNC, has remained stagnant over the past week with a slight decline of 1.3% in the last seven days. This short-term downturn can be attributed to insufficient support for a breakout.
Despite this, $LUNC is trading at just $0.00005703 and has been unable to reclaim the crucial resistance level at $0.00006 since September 10th, 2023. The currency’s MACD indicates a minor bullish divergence, although there are still some oversold conditions present.
Predictions and Challenges Ahead
Crypto traders on Twitter have forecasted a challenging period before a breakout occurs, with some even anticipating a full retracement to Terra Luna’s all-time low if it fails to break out of the bearish trading channel without support from the 20-day moving average (MA).
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