- Terra Classic (LUNC) value drops 26.6% to $0.000206 in two days.
- LUNC market dominated by sellers; price falls 13.73% from daily high.
- Community debates validator count reduction, raising centralization and security concerns.
Terra Classic
In the past 24 hours, sellers have dominated the LUNC market, causing the price to fall from a peak of $0.000275 to a daily low of $0.0002159, although it has since stabilized somewhat. As of the latest update, the downward trend continues to prevail, with LUNC’s price at $0.0002068, representing a 13.73% decrease from the day’s lowest price point.
Market participants monitor crucial support thresholds for LUNC, specifically around the $0.000195 and $0.000167 price points. These numbers correspond to the 38.2% and 50% Fibonacci retracement levels, respectively. If these levels are maintained, it could suggest a possible resurgence and an ongoing recovery pattern for the cryptocurrency. On the other hand, if the price falls beneath these levels, it could indicate a weakening in investor sentiment.
A notable feature of LUNC’s recent progress is how it has fared compared to Bitcoin
Terra Luna Classic’s New Proposal
During these fluctuations in the market, the Terra Luna Classic community has approved a contentious plan to reduce the validator count from 135 to 100. This action has led to discussions among community members, who are worried about the possibility of increased centralization and the effects on security.
The plan is designed to reduce the threat of malicious entities and false representation by establishing more stringent criteria for those who validate transactions. Nonetheless, opponents contend that such an action might undermine the principle of decentralization inherent to the blockchain and adversely affect validators with less resources.
The suggested plan elicited various responses, with 31.69% casting votes in support, 22.49% casting votes in opposition, and a considerable number choosing not to vote. Allnodes, the most substantial validator, opted not to vote, underscoring the split opinion within the community.
LUNC/USD Technical Analysis
The Relative Strength Index (RSI), registering at 71.20, dips beneath its signal line on the 24-hour price chart, suggesting that the LUNC market is overbought. This trend suggests that there is additional downside risk shortly as traders realize gains and the market undergoes a correction.
Additionally, the stochastic RSI value of 70.22 and its downward crossing of the signal line indicate a probable downward trend in the LUNC market. This change implies that buying momentum is diminishing and that sellers might take over, potentially leading to further decreases in price.
In summary, the LUNC of Terra Classic encounters a significant challenge at essential support points during a fluctuating market, as a contentious suggestion introduces intricacy to what lies ahead for it.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
