A huge setback has been experienced by Terra Luna Classic (LUNC), as its price has fallen precipitously. The coin’s value dropped by 13% in just one day.

LUNC’s price fell precipitously from its recent peg of $0.00007734 to a new low of $0.00006512 as a result of the quick sell-off, which started on August 16.

Although this may seem like a dramatic change, it confirms the pessimistic attitude that has been pervasively present around the coin for the previous month.

LUNC Battles To Maintain Essential Support

The price of LUNC displayed tenacity for a period longer than three weeks as it was able to maintain itself above a critical support area located at $0.000076. This time of relative stability reflected the general uncertainty that pervaded the market.

Experts warn that the current selling pressure might drastically increase if this monthly support line is breached. Additionally, this breach may portend a protracted period of downward movement for the Terra Classic coin.

Beyond The Surface

Examining the Luna Classic community on Twitter reveals a scene riven with internal disputes, especially about the governance procedures.

The intended deployment of the LUNC DAO validator, which would have played a significant role in leading the chain, has been the subject of spirited discussions in recent days. Unfortunately, this idea was unsuccessful, and a significant sell-off resulted as a result.

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Impact On Price Dynamics

These recent occurrences have had an impact on the price dynamics of LUNC. The coin’s price is now around $0.00006770, according to data from CoinGecko. The coin is under increasing pressure, as evidenced by the recent 2.4% drop and the significant 12.5% drop over the previous seven days.

Investors and stakeholders are closely monitoring the changing conditions inside the LUNC ecosystem to determine whether Terra Luna Classic can find its footing in these turbulent waters and win back the faith of its devoted followers.


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