🌖 LUNC Shows Weakness in Key Markets
However, the latest $LUNC burn has not triggered a bullish momentum on price. Over the past week, LUNC experienced a 7.2% decline, setting its price at $0.00007859, per #marketcap data.
Also, LUNC’s price is exhibiting weakness on the 50-day Moving Average, a key technical indicator gauging performance. Notably, #LUNC✅ has been trading below 50-MA for the past two months.
Furthermore, 1000LUNC futures open interest trading on Binance and #Bybit declined by 6% in the last 24 hours. This suggests reduced investor interest despite the Binance LUNC burn.
LUNC’s recent price struggles can be attributed to several factors in the community and the broader market. For example, the market is facing increasing volatility, with Bitcoin ($BTC ), the leading cryptocurrency, declining by 6.4% in the past week. These declining prices might have contributed to reduced optimism in the LUNC ecosystem.
Additionally, the implementation of #TerraLunaClassic ’s Tax2Gas was recently postponed due to some challenges, including security and pull request issues. As highlighted in our previous article, users anticipated a tax burn increase with the Tax2Gas implementation. However, the postponement has caused traders to move away, causing the LUNC price to plunge.
Furthermore, LUNC’s declining price follows a heated debate regarding validators’ breaching chain rules. In our recent update, we revealed a discussion in the community that alleged the JESUSisLORD 2 (JIL2) validator violated the DynComm rule by running another validator on the same chain.
