- Successful LUNC burn tax proposal briefly boosts Terra Luna Classic’s price.
- Community members are voting on a proposal to remove KYC for developers.
- Expert chart analyst paints a dark cloud over LUNC: another pullback looming?
Terra Luna Classic (LUNC) chain registered juicy gains in the early hours of Sunday, claiming $0.00008616 as a new weekly top. The bullish breakout occurred after LUNC closed on August 10, 2024, with a massive green candle of 23.36% gains.
Despite the Saturday run passing over to Sunday morning for a 29% ride since LUNC’s weekly bottom, over 11% of the upswing was retraced the next day, positioning LUNC far below the monthly high of $0.0000935.
Terra Luna Classic Pulls Back to Previous High
Meanwhile, crypto traders are expecting short-selling opportunities on LUNC. Chart analyst Paxton commented that “$LUNC looks bearish. Price pullback to previous high.” Referring to the double-digit retracement after LUNC’s 29% run to 7-day heights, the trader set an invalidation target of $0.000108.
If Terra Luna Classic managed to close above the price range, Paxton’s pessimistic outlook on LUNC would be invalidated. Still, these key resistance levels haven’t been touched since early June 2024. On the other hand, LUNC’s upcoming price movement heavily depends on community initiatives.
The 29% upswing last weekend for LUNC can be partly ascribed to the newly implemented ‘Tax2Gas’ consensus, which is expected to significantly reduce the remaining LUNC supply. A few days after the LUNC burn tax proposal’s approval, the community is chewing over a proposal to remove Know Your Customer (KYC) for developers on the Layer-1 chain.
So far, proposal #12033 has mixed reactions from community members, as some see risks in removing developer verification, which could result in the LUNC chain collapsing due to ill-intended actions of illicit anonymous developers. “We’ve got devs working on Lunc, not on inventing the security-free zone. Let’s keep KYC and save the drama for soap operas!” remarked LUNC holder Katy Louise.
Out of 15 top validators on Terra Classic’s chain, two voted to approve this offer, while two voted ‘No with veto.’ The opinions across social media channels were also contrasting.
Chain validator Danny Demi DeFi uttered: “Having KYC in $LUNC Landia makes about as much sense as requiring a piss test for an entry-level position at KFC.”
Whatever the voting outcome, it’s likely to substantially impact LUNC’s price. Judging by the wide Bollinger Bands on Terra Classic’s 4-hour charts, further price volatility is expected.
Currently, LUNC still resides in neutral territory with a 50 RSI, but the 0.20 Chaikin Money (CMF) index hints at large investors entering Terra Luna Classic. At press time, the #136-ranked LUNC trades at $0.0000787, with a market cap of $429 million and a remaining supply of 5.44T.
On the Flipside
- Terra Luna Classic’s social sentiment faced a downturn, along with LUNC’s trading volume.
- Over the past 24 hours, just slightly above $45 million LUNC was traded across all exchanges.
Why This Matters
Voting on governance proposals enables the holders to make democratic decisions, which attracts investors who want to participate in the chain’s growth.
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