Can Terra Luna Classic (LUNC) Maintain Momentum as Price Rallies 4% Despite Failed Governance Proposal?

Terra Luna Classic (LUNC) experienced a 4% rally, defying a failed governance proposal and the overall stagnant trading activity in the crypto market. Critics argued that the proposal would hinder certain managed node validator services. However, others noted that validators could choose to ignore the proposal altogether. Currently trading around $0.0001060, LUNC is magnetized by its 21-day moving average (21DMA). Although it briefly reached the $0.00012s earlier this week, it faced resistance at its 50-day moving average (50DMA). The failure to surpass the $0.00012 resistance zone indicates that bulls have yet to regain control. This is not surprising, as the broader crypto market remains range-bound. Bitcoin (BTC) failed to break above its 50DMA and fell back to $62,000. The lack of bullish narratives in the crypto market is evident, with Bitcoin stuck in its post-halving lull and spot Bitcoin ETF demand easing as traders await potential Fed rate cuts at the end of 2024. Additionally, Ethereum ETF applications are expected to be rejected by the SEC later this month. Concerns about US regulatory enforcement against the crypto sector were further highlighted by the SEC’s Robinhood Wells Notice. Despite pulling back from its earlier highs, LUNC is still up over 45% compared to the previous week’s lows. The cryptocurrency recently broke a downtrend that had persisted since early March, indicating an improved technical outlook. However, for the LUNC price to continue rising, it must sustainably break above the $0.00012 resistance level. The LUNC community’s developments do not typically garner much attention from traders. Since the collapse of the Terra ecosystem in May 2022, Terra has become a dormant chain. Most of its former users, developers, investors, and community have abandoned the token, rendering LUNC highly speculative, similar to a meme coin. LUNC experiences pumps during periods of market optimism, such as when Bitcoin reaches new record highs, and subsequently dumps as the optimism fades. Few LUNC buyers are long-term holders expecting a blockchain revival. Instead of investing in LUNC, investors with a high-risk tolerance might consider a better alternative like Wiener AI (WAI). Crypto presale investing, which involves purchasing tokens of startup crypto projects before their product release, offers a higher upside potential. Wiener AI, a fun meme coin centered around a sausage dog theme, has attracted attention for its AI trading capabilities and has already raised over $1.3 million. Interested investors should act quickly as the WAI price will increase once the $1.66 million presale target is reached. Currently priced at $0.000705, WAI has a market cap of around $45 million. Investors could potentially see gains of 10x or more if WAI becomes a market leader. Staking rewards account for 20% of the supply, with presale investors currently earning a massive 721% APY. At this rate, investors can double their initial presale investment in less than a month.