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The price of Terra Luna Classic (LUNC) has dropped below $0.00008 this morning after a 2% decrease in the past 24 hours. The altcoin has seen a 3.5% decline in the past week and a 10% decline in the past two weeks. Will the downward momentum of LUNC continue?
The Effects of the Decline in LUNC!
The downward momentum in LUNC highlights the troubled state in which Terra Luna Classic finds itself, as investors anxiously await significant developments regarding the re-stabilization of USTC (the relevant stablecoin for LUNC) and the burning of LUNC. Furthermore, due to the limited possibility of any urgent progress in such fronts, LUNC may continue to decline in the short and medium term.
According to experts, the indicators of the popular altcoin LUNC do not currently appear to be in a healthy position. Its 30-day moving average continues to fall below its 200-day average, indicating a rapidly declining momentum. The relative strength index of the cryptocurrency, which dropped below 50 last week and below 40 this morning, shows a similar situation. Analysts suggest that further losses may be imminent.
The reason behind this pessimism could be attributed to the steady decline in LUNC’s support level since mid-July and the token’s price falling below $0.00008 this morning. Despite appearing oversold and undervalued, a significant loss of momentum may prevent a swift recovery in the near future.
The primary reason for its recent loss of momentum may lie in the fact that the Terra Luna Classic community has not made significant progress in restoring either LUNC or USTC, and validators remain divided on how both cryptocurrencies should be enhanced and whether there is price support.
Dissent within the LUNC Community!
A clear indication of the divide within the Terra Luna Classic community was evident yesterday with the proposal of a counteroffer in response to the burning of USTC stored in a community fund. Although the counteroffer is unlikely to pass, it merely underscores the disagreement within the LUNC community.
This could be a significant factor in why investors have consistently turned away from LUNC and why it may struggle to recover significantly. Therefore, predicting a significant price movement for LUNC in the near future, given the possibility of a decline to $0.000070 in the next few weeks, is challenging.
