The price of Terra Luna Classic remained stable on Thursday following a community vote that turned down a contentious proposal.
Terra Luna Classic (LUNC) increased to $0.00006545, which represents a 20% rise from its lowest mark earlier this month and a 40% gain compared to its bottom level in 2025.
The primary driver behind this price movement was the community’s decision to reject a controversial proposal aimed at establishing a sub-DAO structure. According to the proposal, LUNC would have been divided into four sub-DAOs, each tasked with specific responsibilities.
One of these DAOs was intended to manage the security and stability of Terra Classic, another would handle communication and marketing efforts. A third was designated for documentation, while the final one would focus on mediation. Each sub-DAO was set to operate for a voluntary term of six months.
The final vote revealed that while a majority supported the proposal, 38% of voters opposed it. Ultimately, the proposal was dismissed because the percentage of votes for “no with veto” exceeded the 33.4% threshold necessary for a veto.
The push against the proposal was spearheaded by an anonymous user on X and LUNC validator known as Mr. DiamondHandz, who contended that instituting the sub-DAO would open avenues for power grabs within the community. He suggested that leaders of these sub-DAOs might place their allies in significant committee roles.
The LUNC community is currently deliberating a significant proposal that would reclassify TerraUSD (USTC) from a stablecoin to a meme coin. This shift would acknowledge the fact that the coin no longer functions as a stablecoin and the chances of it regaining its peg are quite slim.
LUNC Price Analysis
The daily chart indicates that the price of Terra Luna Classic hit a low of $0.00005650 this month. This represented a significant dip, marking the lowest point since February of this year as well as July and August of the previous year. The price has developed a substantial quadruple bottom formation with a neckline positioned at $0.0001792.
In addition, LUNC has exhibited a bullish divergence pattern, which occurs when an oscillator shows an upward trend while prices are declining. The awesome oscillator indicates upward movement, nearing a crossover at the zero line. Moreover, the percentage price oscillator, a specific variant of the MACD, has also been on an upward trajectory.
Thus, the combination of a bullish divergence and a quadruple-bottom formation suggests potential further upward movement. A decline below the support level of $0.000056 would undermine this optimistic outlook.