Terra: In an interesting turn of events, LUNA walks ahead of LUNC
The entire crypto community has been carefully watching the Terra Classic event [LUNC]An unprecedented increase over the past few weeks. There have been many developments in the Terra ecosystem that have the potential to change its fate forever.
For example, with the recent arrest warrant for Terra Do Kwon co-founder, another interesting piece of news emerged. According to the sources, Terra is a community-owned blockchain.
Luna dollar Breaking news
– Longburn Community (@KingAnu53015481) September 14, 2022
The entire episode was followed by a simultaneous drop in the price of both LUNC and LUNA, with the daily charts of the coins being painted mostly red. At press time, LUNA is trading at $3.02 and LUNC at $0.000276.
However, a closer look at the chart revealed that LUNA over the past week performed better than LUNC, registering a positive 40% growth while the other fell.
STARS FOR LUNA
Interestingly, the on-chain LUNA metrics also painted a positive picture for the token, with most of them pointing to a possible increase in the coming days. For example, according to Santiment’s data, LUNA’s development activity has grown exponentially over the past month.
This can be considered as a thumbs up for the network as it represents the developers’ continuous effort in improving the blockchain. Moreover, higher prices were also supported by larger volumes, ensuring a stable rally. While the token recorded huge gains, the community’s interest in the token also grew.
This seemed evident from the significant increase in LUNA’s social sizes. So, looking at the metrics, it’s safe to say that LUNA has the potential to maintain the functionality of this pump to become community owned and driven.
Amid all these developments, LUNC has also received massive support from various crypto exchanges to implement a 1.2% tax deduction, which, according to many, will help LUNC achieve new heights.
ℹ️ Update regarding Terra Classic (LUNA) and TerraUSD Classic (UST) on Kraken following “tax cut” proposals.
Check out our support center article for more details https://t.co/1Q1wric5mF pic.twitter.com/sqsWQCG1Vh
– Kraken Exchange September 14, 2022
However, the support from the crypto community does not appear to be reflected in the LUNC chart as it has registered near 50% growth in the past seven days. While LUNC is the subject of heated debate on the internet, LUNA seems to steal the pie with many metrics working in its favour.
Although the above metrics suggest LUNA is brighter in the future, the four-hour chart of the token paints a different picture. The exponential moving average (EMA) bar made a bearish cross as the 55 day exponential moving average inverted the 20 day exponential moving average.
This may lead to lower prices in the coming days. Moreover, the Moving Average Convergence Divergence (MACD) reading also supported the results of the EMA Ribbion as it showed a seller advantage in the market.
However, the Relative Strength Index (RSI) rose slightly. This increases the chances of a northward move soon. Therefore, what the LUNA actually has in store has yet to be seen.