Terra Luna Classic (LUNC) finds itself grappling with a significant setback as its price takes a sharp dive. Within the span of just 24 hours, the coin experienced a 13% decline in value.
The swift sell-off, which began on August 16, triggered a cascading effect that sent LUNC’s price plummeting from its recent peg of $0.00007734 to a new low of $0.00006512.
While this may appear as a dramatic swing, it echoes the bearish sentiment that has persistently lingered around the coin throughout the past month.
LUNC Battles To Maintain Essential Support
For a duration exceeding three weeks, LUNC’s price showcased resilience as it managed to keep itself above a crucial support zone resting at $0.000076. This period of relative stability served as a reflection of the overarching uncertainty pervading in the market.
However, with the breach of this monthly support threshold, experts caution that the existing selling pressure could magnify significantly. This breach also carries the potential to indicate a prolonged period of downward movement for the Terra classic coin.
Beyond The Surface
Scrutinizing the Luna Classic community on Twitter reveals a landscape marred by internal conflicts, particularly concerning the governance protocols.
Recent days have witnessed heated debates revolving around the proposed implementation of the LUNC DAO validator, which would have assumed a prominent role in leading the chain. Unfortunately, this proposal met its end, and the aftermath was telling – a substantial sell-off unfolded.
This is undeniable proof that OX DAO (Formerly known as $LUNC Dao) is trying to take over #LUNC by dumping the price. pic.twitter.com/kqtDdwIxbr