Terra Luna Classic: Bearish Pressure Amid Internal Developments
After a remarkable 300% surge, Terra Luna Classic (LUNC) has faced a 10% slump this week. Despite positive internal news for LUNC, the bears still dominate the market. CoinGlass reports that $222,000 worth of long positions were wiped out in the past 24 hours, even though the open interest remains positive.
Terra Luna Classic: Internal Developments Drive Growth
Terra Luna Classic’s community X account has been active this month, making waves online. Enterprise Protocol, powered by Terra Luna Classic, recently announced that cross-chain treasuries can now be created on the Juno Network. This development would increase the network’s throughput and potentially attract more investors. The dev team stated that they are expanding cross-chain to simplify DAO management and voting.
More Pain To Come At These Levels
Currently priced above $0.00017491, LUNC is at a critical point where any movement can significantly impact future price movements. Traders and investors should exercise caution as the market slows down and assets return to a more stable price point. LUNC relies on major market movements for price hikes and may be affected by pullbacks in Bitcoin and Ethereum prices.
Hope on the Horizon with Speculations of Rate Cuts in 2024
The US economy entering a dovish phase has sparked speculation about rate cuts in 2024. Market leaders believe that a soft landing is becoming more realistic due to manageable inflation and strong retail sales data.
Hot Take: Terra Luna Classic Faces Bearish Pressure Despite Internal Developments
Despite positive developments within Terra Luna Classic’s community and its expansion into cross-chain treasuries, the token faces bearish pressure in the market. The recent slump in price and the wipeout of long positions indicate a challenging period for LUNC. Traders and investors need to exercise caution and closely monitor market movements to make informed decisions. While there is hope with speculations of rate cuts and a dovish phase in the US economy, external factors such as Bitcoin and Ethereum’s price pullbacks can still impact LUNC’s short to medium-term gains.
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