Despite the recent turbulence in the cryptocurrency market, Terra Luna Classic (LUNC) has shown commendable resilience. After a significant bounce from the support level of 0.00009044, LUNC has rallied upwards and is presently trading at $0.00009534. This notable recovery has garnered the attention of investors, eager to comprehend the dynamics driving the upward momentum of LUNC.
Legal Hurdles for Terraform Labs’ Co-Founder, Do Kwon
One of the noteworthy developments is the legal predicament faced by Do Kwon, the co-founder of Terraform Labs. South Korea has reportedly initiated an extradition request for Kwon, who is currently in Montenegro. The allegations against him relate to his supposed involvement in the largest financial fraud case in South Korean history.
This legal tangle has expanded beyond South Korea, with the United States also seeking his extradition. The charges faced by Kwon extend to federal prosecution and scrutiny from the US Securities and Exchange Commission.
Kwon and the former CFO of Terraform Labs, Han Chong-joon, were arrested in March on allegations of falsified travel documents. Additional queries have been raised about Kwon’s connections to a local politician, attracting considerable media attention. The collapse of the Terraform Labs’ Terra ecosystem in May 2022 resulted in losses that are believed to be as high as $40 billion.
Current Performance and Position of Terra Luna Classic
As of now, Terra Classic (LUNC) is trading at $0.000095. The cryptocurrency has experienced a 24-hour trading volume of $8.2 million. Despite a minor setback with a 2% decrease in value over the past day, Terra Classic presently stands at the #62 spot on CoinMarketCap, boasting a live market cap of $55 million. Around 5,847,255,050,742 LUNC coins are currently in circulation.
Terra Luna Classic Price Analysis
On the technical front, LUNC has demonstrated a positive trend by bouncing above a key support level at 0.00009063. This trend is reinforced by a pattern visible on the four-hour timeframe. LUNC has carved out a symmetrical triangle pattern, which signifies indecision amongst investors and a generally cautious market sentiment.
The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are showing promising signs of buying interest. These indicators hint at the investors’ strategy of waiting for a clear signal or favorable market developments before making their move.
Keeping a close eye on the immediate resistance level at 0.00009517 is crucial, as breaking above this level could potentially propel LUNC’s price toward 0.0001028. However, a bearish scenario cannot be dismissed, with possible trading around the 0.0001104 level. Investors should remain vigilant for further market insights and potential trading opportunities.
Terra Luna Price Prediction: Will LUNC Price go up?
This entire development could potentially stimulate the Terra Luna Classic ecosystem to flourish once more, with an increased development of apps that fuel demand for LUNC. Coupled with the USTC re-peg proposal, LUNC may witness significant gains in the forthcoming months.
From its current price of $0.00009765, it’s predicted to return to $0.0001 within a few days and is expected to reach $0.0001126 soon thereafter. If the re-peg proposal is incorporated, the value of LUNC could escalate further, shedding some decimal places on its journey towards regaining the $1 mark.