The price of Terra Luna Classic (LUNC) has dropped by 0.5% in the past 24 hours, with its fall to $0.00010959 coming as the wider cryptocurrency market barely moves within the same timeframe.

LUNC's current price means it has fallen by 12% in a week and by 13.5% in the last 30 days, while the coin is also down by 24% since the beginning of the year.

One slight ray of hope is that its 24-hour trading volume has climbed beyond $30 million in the past few days, suggesting an increase in volatility, even if it seems that trading has increased as a result of selling.

Still, the continued work by the Terra Luna Classic community to grow the platform's utility and boost LUNC's price may have the altcoin witness a significant recovery later in the year, particularly when market conditions become more favorable.

Based on a purely technical reading, it would seem that LUNC has to recover in the not-too-distant future, given how oversold its indicators are right now.

LUNC's 30-day moving average (yellow) has also dropped far below its 200-day (blue), while its actual price has fallen below both averages.

This normally suggests that an upward correction is due, a suspicion which may be heightened by the fact that LUNC's trading volume has risen slightly to more than $36 million.

However, $36 million is still pretty low as far as trading volumes go, even if it's slightly higher than the averages LUNC has seen in recent weeks.

On top of this, the fact that LUNC continues to fall through support levels -- and has done pretty much all year -- paints a picture of an altcoin in terminal decline.

It would therefore be not very surprising if LUNC fell from its current level of $0.00010959 to $0.00009 in the next few days, and perhaps even lower.

#Binance #crypto2023 #lunc #luncburn #BullRun

Proposal Title: Restoring USTC Peg and Ensuring Stability

Proposal Objective:

This proposal aims to outline comprehensive steps to restore the peg of #USTC (TerraUSD) stablecoin within the Terra ecosystem and ensure its stability. The combination of the strategies mentioned below is intended to bring USTC back to its peg value.

Proposal Details:

1. Providing Liquidity and Arbitrage Opportunities:

- More liquidity should be provided within the Terra ecosystem, and opportunities for arbitrage should be increased.

- The protocol should offer liquidity incentives and rewards, encouraging liquidity providers and arbitrageurs.

- Consider implementing Liquidity Mining programs and incentives.

2. Establishing a Stabilization Fund:

- Create a dedicated stabilization fund for the Terra ecosystem.

- The fund will be used to balance price fluctuations caused by supply-demand imbalances and ensure peg stability.

- The source and management of the fund should involve the participation of the project community, protocol governance, and token holders.

3. Protocol Adjustments:

- Make necessary adjustments to the Terra protocol.

- Supply control: USTC supply should be automatically adjusted, increasing when demand rises and decreasing when demand declines.

- Demand forecasting: Develop demand prediction models using data analytics and smart contracts to guide supply adjustments.

4. Community and User Communication:

- Engage with the community and users regarding the proposal and plans.

- Establish an open communication channel to gather feedback from the community and encourage user contributions.

- Conduct community meetings, #AMA (Ask Me Anything) sessions, surveys, and other activities to increase participation.

Benefits:

- Restore the peg of USTC stablecoin and ensure its stability.

- Enhance trust and stability within the Terra ecosystem, increasing user confidence.

- Balance price fluctuations through increased liquidity and arbitrage opportunities.

Feasibility:

- Share the proposal with the #Terra ecosystem community and project governance for feedback and support.

- Detail the implementation steps and conduct technical analysis and simulations as necessary.

- Initiate an official voting process for the proposal, designed to seek community participation and approval from token holders.

- Maintain regular communication and updates throughout the implementation process.

This proposal presents a comprehensive plan to restore the peg of USTC and ensure its stability. The details of the proposal should be evaluated and refined by the community and project governance. Emphasize the importance of taking the necessary steps for feasibility and community involvement.

#lunc #luncburn

There is a hefty 800 million #lunc #luncburn hesding our way.

I am not writing out this again on my phone. Just lost the entire post for some reason. This app needs a lot of work if #Binance #Binance wants to see an uptic in proper content submissions.

check out my live from this morning on the Crypto Market Updates channel for more details.

PEACE