LUNC and USTC have experienced a nosedive in their prices after the rejection of a burn proposal for 800 million USTC. The Terra Luna Classic community was divided on the proposal, with only 30% in favor, 11% opposing, and 15% opting for a veto. This lack of consensus has had a significant impact on the token prices.
LUNC, the token of Terra Luna Classic, has seen a decline of 6.78% in the past 24 hours, trading at $0.0001455. The token experienced fluctuations, with a trading range between $0.0001425 and $0.0001571. Despite the price fall, trading volume has increased by 11%, indicating growing interest and activity in LUNC.
Similarly, USTC has witnessed a 5% decrease in value, currently trading at $0.03314. The price movement has remained relatively flat over the week, reflecting market uncertainty.
Technical analysis for LUNC/USD shows that the Moving Average Convergence Divergence (MACD) is in the negative region, suggesting bearish momentum in the short term. However, the lower bars on the MACD histogram indicate a potential decline in selling pressure, which could lead to price stabilization. If the histogram turns positive, it may indicate a reversal of the bearish trend and increased purchasing pressure.
The Relative Strength Index (RSI) for LUNC/USD is at 39.17, suggesting a minor rise in purchasing activity after being in the oversold range. The higher trading volume for LUNC indicates increased investor interest. If the RSI rating continues to rise and trading volume remains high, it could signal a more positive sentiment and potentially lead to further price gains for LUNC.
It’s important to note that this article is for informational and educational purposes only, and it does not constitute financial advice. Readers are advised to exercise caution and conduct their own research before making any investment decisions.