Reasons why LUNA could fail to pursue investors despite these ‘Terra’fic updates
The new alpha package for TerraDart was ready. A new on-chain proposal called Knowhere/Soil Protocol Grant Proposal was recently put to the vote.
TheArchitect123 announced via Twitter that the Terra [LUNA] alpha pack for TerraDart was available. The tweet claimed that TerraDart’s new alpha pack was prepared. In Flutter or Dart environments, this package could be used to interact with the LUNC blockchain.
TerraDart is a Dart SDK that provides simple abstractions to basic data structures, serialization, key management, and API request generation. This would allow developers to build apps that interact with the Terra blockchain from the web, mobile, or Flutter environments. Not only that but a new chain proposal called Knowhere/Soil Protocol Grant Proposal has been put to the vote. Release new features in the next six to eight months. However, these updates were not reflected on LUNA’s charts as it posted negative weekly and daily gains.
According to CoinMarketCap, LUNA was trading at $1.57 with a market cap of over $200 million at the time of writing.
The dark days might extend
According to Santiment data, LUNA development activities shifted south after registering a surge, negatively impacting the network. Additionally, the crypto community showed less interest in the token as its social volume dropped over the past month. According to LunarCrush data, LUNA’s volatility has dropped by almost 40° over the past week, which could also be problematic.
Investors can expect this
The daily chart for Luna reinforced the bearish notion, as most market indicators suggested that the token price could fall in the coming days. For example, the exponential moving average (EMA) band showed that the 20-day EMA was well below the 55-day EMA, which was a bearish sign. The Relative Strength Index (RSI) also fell. Additionally, Bollinger Bands (BB) showed that LUNA price was in a less volatile zone. This could reduce the likelihood of a northbound departure.
However, the moving average of convergence and divergence (MACD) gave hope as it indicated a bullish crossover.