Terra Luna Classic (LUNC) recently had a remarkable 300% surge in the last week, but things took a downturn with a nearly 10% drop this week.
Even with positive news within the LUNC community, bearish forces seem to have a strong grip on the market. CoinGlass reports that in the past 24 hours, a total of $222,000 worth of long positions were wiped out, despite the open interest remaining positive.
Terra Luna Classic Expands with Enterprise Protocol Announcement
Terra Luna Classic (LUNC) is gaining attention online, especially with its active community X account this month. The Enterprise Protocol, a project fueled by Terra Luna Classic, has unveiled a significant development— the protocol’s ability to create cross-chain treasuries on the Juno Network.
1/ Big announcement!
Enterprise DAOs can now create cross-chain treasuries on @JunoNetwork 🚀
What this means for DAOs and the $JUNO community 🧵 ⤵️ pic.twitter.com/ig4viyYvcK
— Enterprise Protocol (@enterprise_dao) December 14, 2023
The Enterprise Protocol team expressed their commitment to simplifying DAO (Decentralized Autonomous Organization) management. This involves no-code setup, streamlined voting and treasury management, and seamless reward distribution to members. Emphasizing their dedication to enhancing user experience, the team announced the expansion of Enterprise DAO into the realm of cross-chain functionalities in a recent thread.
Terra Luna Classic Expands Network with Enterprise Protocol
The recent development allowing Terra Luna Classic (LUNC) to create cross-chain treasuries on the Juno Network brings the potential for increased network throughput and expanded exposure to new investors. Despite LUNC having an active community, the token’s price is still significantly influenced by market dynamics.
LUNCUSD currently trading at $0.0000177 on the daily chart: TradingView.com
At present, the market is showing signs of a gradual cooldown after a substantial rally in the past week. The balance between community engagement and market trends continues to play a crucial role in shaping the trajectory of LUNC.
Terra Luna Classic Faces Critical Price Point Amid Market Slowdown
The current price of Terra Luna Classic (LUNC) stands at $0.00017491, marking a crucial juncture where any movement could significantly impact future price trends. Investors and traders are advised to exercise caution in the coming days as the market shows signs of slowing down, returning to a more stable price point.
Chart: TradingView
One notable challenge for LUNC is its reliance on major market shifts to drive price hikes. Both Bitcoin and Ethereum, according to Coingecko, are undergoing significant pullbacks after a successful rally last week. While LUNC currently appears on the gainers list, it’s crucial for investors to remain cautious, considering that any broader market downturn could impact short to medium-term gains.
There’s a glimmer of hope on the horizon as the U.S. economy enters a dovish phase, with market leaders speculating about potential rate cuts in 2024. Ryan Detrick, chief market strategist at Carson Group, expressed optimism, stating, “The soft landing that many doubted was possible is becoming more realistic every day. Inflation is no longer the problem it was, and we still have a very healthy consumer, judging by today’s retail sales data.”
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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