The Terra Luna Classic price (LUNC) experienced a 4% bounce on Wednesday despite a governance proposal aimed at preventing double network validating failing to gain traction. Critics of the proposal pointed out that it could prevent some providers of managed node validator services from operating, while others noted that it would be un-actionable as validators could choose to ignore it. While some voters supported the governance proposal, they also recognized that it may not be possible to implement or monitor effectively. The price of LUNC is currently trading around $0.0001060, with its 21DMA acting as a magnet. LUNC briefly rose above the $0.00012 range earlier in the week but could not maintain the momentum due to resistance at the 50DMA. The failure to break this resistance level indicates that bulls have not yet regained control, especially with the broader crypto market experiencing stagnation.
The broader crypto market, including Bitcoin, is currently stuck in recent trading ranges, with Bitcoin failing to break above its 50DMA and falling back to $62,000. The lack of bullish narratives in the market, combined with concerns about US regulatory enforcement and potential Fed rate cuts, has contributed to the stagnant trading activity. Ethereum ETF applications are also likely to be rejected by the SEC, further adding to the negative sentiment in the market. Despite these challenges, the technical outlook for LUNC has improved after breaking a downtrend that was in place since March, suggesting that there could be potential for upward momentum if the price can break above the $0.00012 resistance level.
For traders interested in high-risk, speculative investments like LUNC, there may be a better alternative to consider. Wiener AI (WAI) is a new meme coin that offers AI trading capabilities and has already raised over $1.3 million. With a current market cap of around $45 million, investors could potentially see gains of 10x or more if WAI becomes a market leader. 20% of the token supply has been allocated to staking rewards, with presale investors currently earning a massive 721% APY. Investors interested in WAI should act quickly, as the price is expected to rise once the $1.66 million presale target is reached.
It is important to note that crypto investments are high-risk assets, and investors should exercise caution when making investment decisions. The information provided in this article is for informational purposes only and should not be considered as investment advice. Investors could potentially lose all of their capital if the market does not perform as expected. Both LUNC and WAI offer speculative investment opportunities with high potential rewards but also high risks. Investors should conduct thorough research and seek advice from financial professionals before investing in any crypto asset.
