- Terra Classic Foundation delegated 30M LUNC to hexxagon.io.
Despite the impressive amount delegated, LUNC remained bearish.
As a crypto investor with some experience in the Terra Classic ecosystem, I’m closely monitoring the recent developments regarding the Terra Classic Foundation’s delegation of 30 million LUNC tokens to Hexxagon.io. While the amount delegated is impressive and demonstrates trust and confidence in the network, I can’t help but notice that LUNC remains bearish despite this positive news.
Hexxagon.io has received a significant boost from the Terra Classic Foundation with a 30-million LUNC token delegation announced in their latest update. The foundation continues to back Galaxy Finder and the station project through this substantial allocation.
On their official X (formerly Twitter) page, Terra Classic Foundation stated,
“We’ve entrusted Hexxagon with an additional $30 million worth of LUNC to manage and operate Galaxy Station () and Galaxy Finder (]).”
This delegation is crucial because it boots Hexxagon in managing its ecosystem.
As a analyst involved in the collaboration between the Joint L1 Taskforce and Hexxagon, I can’t stress enough the significance and importance of our partnership over the past year. Our efforts have played a crucial role in creating and sustaining finder and galaxy stations.
At the heart of the Terra Classic system lies Galaxy Station, where users engage and oversee operations. This hub facilitates interactions such as conducting transactions, managing addresses, and engaging in various network activities.
Recently, the team has assigned a total of 930 million LUNC units to the platform, demonstrating their unwavering dedication to maintaining security and advancing development within the Terra Classic network.
Creating a robust and user-focused infrastructure is essential for providing an optimal experience.
Impact on LUNC?
Notably, massive delegation can impact price charts in both the short and long term.
Despite the fact that the delegation expresses faith and belief in the network, potentially drawing in investors, according to AMBCrypto’s assessment, the market attitude towards LUNC was unchanged as of now.
From my perspective as a crypto investor, right now LUNC is priced at $0.0000801 following a 0.70% decrease within the past 24 hours. Additionally, over the last week, its value has dipped by 1.47%.
However, the trading volume has increased by 8.02% to $15M over the previous 24 hrs.
As an analyst, I observed a significant downward trend in LUNC based on our analysis. The Directional Movement Index (DMI) supported this finding with a negative index (red) of 30 being higher than the positive index (green) at 12. This disparity indicated that the bearish trend was dominant.
As a crypto investor observing the charts, I noticed that the Aroon down line, represented by the blue line, was sitting significantly higher than the Aroon up line, which was at zero. According to my understanding of this technical indicator, this arrangement is considered a bearish signal.
Examining the data from Coinglass, it is clear that open interest for LUNC has been decreasing over the past week. The peak was reached at $8.89 million, and currently, it stands at $6.4 million as of the present moment.
Reduced Open Interest shows that holders are closing their positions without opening new ones.
In the past 24 hours, LUNC has seen significant liquidation of long positions totaling $36,000, but no liquidation for short positions.
During the last week, there’s been a consistent pattern of liquidations, reflecting a predominantly bearish attitude among market participants.
Can prices rise after the delegation?
Despite the economic influence that the 30 million delegatee could have on price trends, LUNC continued to trend downward.
Is your portfolio green? Check the LUNC Profit Calculator
Should the downtrend continue for LUNC, it may shatter the essential support level at $0.0000793, leading to a potential drop towards the lower support zone near $0.0000747.
If a market correction occurs after the delegation, the price of LUNC may increase and reach the next notable resistance at approximately $0.0000837.
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2024-07-04 02:15