Terra Luna Classic Price Prediction as LUNC Rises 5% Though Governance Proposal Failed
Despite a governance plan to avoid double network validating failing and slow crypto market trade, Terra Luna Classic (LUNC) rose 4% on Wednesday.
Critics said the measure will shut down certain managed node validator services.
Others said it would be unactionable since node validators might disregard the proposition.
Terra Luna Classic (LUNC) is magnetized by its 21DMA at $0.0001060.
LUNC reached $0.00012s this week but then fell after hitting resistance at its 50DMA.
Sellers pressured Terra Luna Classic when it tested its 50DMA.
The inability to break over $0.00012 resistance implies bulls have yet to reclaim control.
The bitcoin market is locked in current ranges, so that's expected.
Bitcoin plummeted below $62,000 this week after failing to break above its 50DMA.
The bitcoin market lacks positive storylines. Before summer, which is usually a bad period for crypto, Bitcoin is in its traditional post-halving calm, and spot Bitcoin ETF demand has dropped as markets anticipate probable Fed rate cuts in 2024.
Later this month, the SEC may reject Ethereum ETF applications. The SEC's Robinhood Wells Notice raised concerns about US crypto regulatory enforcement this week.
Terra Luna Classic Price Prediction: Can LUNC Hold?
Despite falling from weekly highs over $0.00012, LUNC is up over 45% from last week's lows.
The cryptocurrency broke a downtrend from early March, indicating a better technical outlook.
The LUNC price must break sustainably above $0.00012 resistance to rise.
Terra Luna Classic price must break stably above $0.00012 resistance to rise.
Terra Luna Classic must persistently break over $0.00012 resistance to rise. From TradingView
LUNC community developments don't concern traders.
Terra is now a ghost chain after its environment collapsed in May 2022.
Most users, developers, investors, and community left the token.
LUNC is a meme coin-like speculative token.
#CryptoWatchMay2024 #LUNC $LUNC
