- Terra Luna Classic (LUNC) price rallies 4% despite a failed governance proposal, sparking a discussion on its future price momentum.
- Despite the rally, LUNC needs to break above $0.00012 resistance to continue the upward trend.
- Critics of the governance proposal argue it would prevent some providers of managed node validator services from operating.
As Terra Luna Classic (LUNC) price rallies 4%, questions arise on its ability to sustain the momentum amidst a failed governance proposal and stagnant trading activity in the broader crypto market.
Failed Governance Proposal and Market Reaction
The Terra Luna Classic price (LUNC) bounced 4% on Wednesday despite a governance proposal to prevent double network validating falling flat. Critics of the proposal pointed out that it would prevent some providers of managed node validator services from operating. Others pointed out that it would be un-actionable, as node validators could choose to ignore the proposal anyway. The Terra Luna Classic price (LUNC) is trading around $0.0001060, with its 21DMA acting as a magnet.
Price Resistance and Broader Market Conditions
The failure to break above the $0.00012 resistance zone shows that bulls are yet to regain control. That’s unsurprising, with the broader crypto market stuck within recent ranges. Bitcoin (BTC) failed to break above its 50DMA earlier this week and fell back to $ 62,000. The cryptocurrency market is currently lacking bullish narratives.
Terra Luna Classic Price Prediction – Can LUNC Sustain Momentum?
Despite having pulled back from earlier weekly highs above $0.00012, LUNC is still up more than 45% versus last week’s lows. The cryptocurrency just snapped a downtrend that had been in play since early March, suggesting the technical outlook has improved substantially. That said, for the LUNC price to continue higher, it must break sustainably above $0.00012 resistance.
Better Alternative to Consider – Wiener AI (WAI)
Investors tempted to jump into a risky, speculative coin like LUNC obviously have a high-risk tolerance. This appetite towards risk might be better served with a different strategy that, while also risky, has higher upside potential. The strategy in question is crypto presale investing, which involves buying the tokens of startup crypto projects before they release a product. A fun new AI meme coin called Wiener AI (WAI) has caught the attention of analysts.
Conclusion
While LUNC shows promising signs of a price rally, it faces resistance at the $0.00012 mark. The broader crypto market conditions also pose a challenge. However, for high-risk tolerant investors, alternative options like Wiener AI (WAI) offer potentially higher returns.
