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.
I know the fall of the USSR was a huge tragedy and setback for Communism but I gotta tell ya the way China has been dealing with US destabilizing efforts makes me think that Communism has learned from the USSR's collapse.
— Cary ☭ (@ComradeCary) January 2, 2022
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.
I fight for #LUNC because I believe in the project.
I fight for the #LunaClassic community because I want us to succeed.
I fight for our devs because we all share the same goal.
— PinkUnicorn80 (@PinkUnicorn80) May 22, 2023
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.
Embracing depth beyond the surface, India's indigenous diversity is a testament to its rich civilizational heritage and complex history. Around 20% of the global 'indigenous' population resides here, representing a tapestry of cultures.
.#TheGlitz #empowermentjourney… pic.twitter.com/YXtNM7T2Vi
— ActionAid Association (@ActionAidIndia) August 18, 2023
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.
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.
AGIX has hit our second target at $0.186, with the sudden drop largely attributed to the decline in Bitcoin, which has put selling pressure on altcoins.
Keep an eye on the broader market dynamics as they can continue to impact AGIX's price movements. 📉🔍 pic.twitter.com/1nntKfNAhx
— Christiaan (@ChristiaanDefi) August 17, 2023
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.