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The Terra Luna Classic community has turned down Proposal 12101, which sought to introduce measures against validators operating multiple nodes within the blockchain. The proposal, dubbed “Rules to prevent double & network validating,” was aimed at enhancing the decentralization and security of the network but failed to garner sufficient support.
The voting results showed a divide within the community with nearly 38% in favor, 37% opposed, 21% expressing a strong “No with veto,” and 4% choosing to abstain. Despite the clear need for rules to curtail the risk of centralization, the proposal did not receive the required majority.
You can get excited about the future. $LUNC COMMUNITY pic.twitter.com/3NPQsNarhs — LunaClassic HQ 🌕 ™ (@LunaClassicHQ) April 29, 2024
Among the 45 validators who cast their votes, only 20 supported the measure. Notable validators such as Interstellar Lounge, HappyCattyCrypto, TerraCVita, LBUN Project, and StakeBin were in favor. However, the proposal faced strong opposition, including a decisive “No” from Allnodes, one of the top validators. Allnodes justified its position by stating that “No enforceable rules should be created on permissionless blockchains,” underscoring a fundamental belief in the unregulated nature of such networks.
This decision has sparked a debate within the Terra Luna Classic community about the balance between decentralization and the need for regulatory measures to prevent potential abuses that could threaten the network’s integrity. As the community moves forward, the rejection of Proposal 12101 serves as a reminder of the complex dynamics that govern decentralized digital ecosystems.
Luna Classic Price Technical Overview
The Luna Classic price suffered a more than 1% loss over the last 24 hours to trade at $0.0001065 at press time.
A detailed examination of the Luna Classic price reveals interesting dynamics influencing the token’s price trajectory. Over the recent periods, LUNC has shown fluctuating closing prices with a notable decrease from $0.00010957 to $0.00010609. This trend suggests a slight bearish inclination in the market sentiment.
The 9 Exponential Moving Average (EMA) and 20 EMA provide further insights into the market’s direction. The 9 EMA readings, progressing from $0.00010634 to $0.00010706, indicate a mild upward curve but still hover close to the closing prices, signifying a possible consolidation phase. In contrast, the 20 EMA has consistently been below the 9 EMA, starting from $0.00010447 and moving upwards to $0.00010555, reflecting a longer-term accumulation phase that supports a potential bullish breakout.
The MACD (Moving Average Convergence Divergence) values show a slight decrease in momentum with the MACD line converging towards the signal line. Despite the histogram values decreasing over the periods, the presence of positive histogram values indicates ongoing bullish momentum, albeit weakening.
The Relative Strength Index (RSI) has trended downwards from a high of 65.91 to 53.38, moving from slightly overbought conditions towards a neutral zone. This descent could imply a cooling off of buying pressure, aligning with the observed price retracement.
Levels to Watch
The immediate resistance levels are identified at $0.00010844 and $0.00010991. A break above these levels could be used as potential entry points for long positions, indicating a strengthening of bullish sentiment. Conversely, support levels at $0.00010449 and $0.00010416 are crucial. A fall below these points might signal a good entry for short positions, suggesting an increase in bearish momentum. Further support at $0.00010277 provides a lower threshold that could indicate a deeper correction if breached.
Considering the mixed signals from the technical indicators, traders should be prepared for potential shifts in market dynamics. For bullish traders, maintaining a close watch for a stable crossing above the 9 EMA and the nearest resistance level might provide a safer entry point. Bearish traders, however, might consider entries on failed tests of resistance or breaks below key support levels.
The technical indicators for LUNC present a mixed outlook with potential for both upward and downward movements. Traders should remain vigilant and responsive to the price actions near the identified technical levels.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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