Terra Luna Classic Price Prediction as LUNC Rallies 4% Despite Failed Governance Proposal – Can It Sustain the Momentum?
The Terra Luna Classic price (LUNC) bounced 4% on Wednesday despite a governance proposal to prevent double network validating falling flat and a stagnant trading activity across the broader crypto market.
I have voted NO on proposal 12101
Although I recognise the problem:
1: if you follow the proposal to the letter, it would prevent allnodes, hexxagon, etc, from offering their managed validator service.
2: There is no defined method to prevent, the proposal is un-actionable… pic.twitter.com/KCjmRwrCR3
— SolidVote LUNC Validator (@SolidVote) May 4, 2024
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.
We voted in support of the flavour of governance proposal 12101, however we recognise that it is not possible to implement or monitor.
Looking forward to a better thought out proposal to encourage good behaviour rather than force behavioural change in an unenforceable way.…
— TerraCVita (@TerracVita) May 4, 2024
The Terra Luna Classic price (LUNC) is trading around $0.0001060, with its 21DMA acting as a magnet.
LUNC pushed as high as the $0.00012s earlier this week but quickly reversed after finding resistance at its 50DMA.
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. Bitcoin is stuck in its typical post-halving lull ahead of summer, which is typically not a good
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