The Terra Luna Classic price, TradingView confirms, has taken a hit, falling below $0.00008. This comes after a 2% dip in 24 hours, a 3.5% drop in a week and a 10% fall-off in the past fortnight. This downward trajectory seems to buck the trend seen with cryptocurrencies like Bitcoin and Ethereum which have gained by 75% and 53% respectively since the year began – the relatively poor performance of Terra Luna Classic does raise some eyebrows.
Indicators for this altcoin don’t paint a particularly healthy picture either. Its 30-day moving average is nose-diving further below the 200-day average, signalling fast-ebbing momentum. Combining this with the relative strength index sinking under the 40-mark, the scenario seems primed for imminent losses.
Further fueling pessimistic speculation is that its support level has been on a steady downward spiral since around mid-July. But reasons go beyond mere market dynamics; they lie deeper – in lack of accord among the Terra Luna Classic community. Distinctly lacking has been progress in getting either Terra Luna Classic or USTC (its related stablecoin) back on their feet and disagreements are brewing around supporting prices as a potential strategy.
Evidence of this disunity within was supplied by the appearance of a counter-proposal yesterday, aimed at overturning a plan to release USTC funds held in community reserves. The alternative, while unlikely to go through, suggests reserving USTC back into a community pool. But the simple emergence of such a proposal signals significant disagreements exist within the camp, unsettling potential investors and contributing to the drift away from Terra Luna Classic.
Could the Terra Luna Classic community reach a resolution? Or has the discord boiled over to the point of no return? Signs suggest expectations for an impressive price recovery may be unrealistic.
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Source: Cryptonews
