Anticipated: Terra Classic (LUNC) Price Plunge Imminent: Predicted 30% Decline Prior to Terraform Labs vs SEC Hearing
Crypto enthusiasts experienced a setback as Bitcoin’s value dropped below $70,000, causing a ripple effect that affected altcoins like Terra Classic, which saw a 32% decline. The price of LUNC, Terra Classic’s cryptocurrency, plummeted to $0.00013, a significant drop from its recent highs. This sudden decline suggests that LUNC may face further downward pressure in the near future.
Adding to the uncertainty in the market is an upcoming legal battle between Terraform Labs, the company behind Terra Luna, and the SEC. The hearing, scheduled for March 25, is of great importance for the future of Terra Luna Classic and its ecosystem. The focus of the hearing will be on Do Kwon, a key figure in Terraform Labs, who is currently facing extradition proceedings. Kwon’s absence from the court, as he remains in Montenegro, will be noteworthy, with his legal representation providing updates on the extradition process. The outcome of this legal battle could have a significant impact on the regulatory landscape and associated projects of Terra Luna Classic.
Despite the legal case, Terra Luna Classic is set to unveil its highly anticipated chain upgrade on the same day as the hearing. The v2.4.2 upgrade proposal aims to introduce Inter-Blockchain Communication (IBC)-Hooks, a unique feature designed to facilitate the integration of decentralized applications (dApps) onto the Terra Luna Classic network. This upgrade is a major milestone for Terra, as it opens up new possibilities for the development and expansion of the ecosystem.
Given these developments, the price outlook for LUNC remains uncertain. Terra Classic has experienced a significant 48% correction from its peak in March. However, there is hope as the crucial double-bottom support at $0.00012, reached in February, could potentially initiate a comeback. Nevertheless, the technical indicators suggest a bearish trend, with the Relative Strength Index (RSI) below the 50 midline and the Awesome Oscillator (AO) flipping negative. This indicates that the downtrend is likely to continue. If selling pressure persists, LUNC’s price could drop further, potentially reaching $0.00009170, representing a 30% decrease from current levels.
However, there is a possibility of a positive recovery if bulls re-enter the market. A decisive breakthrough above the resistance level could signal a trend reversal, attracting buyers and pushing LUNC’s price towards $0.00025000.
Overall, the outcome of the legal hearing, in combination with the chain upgrade and market dynamics, will play a significant role in determining the short-term trajectory of LUNC’s price. Investors should closely monitor these events and their potential impact on the cryptocurrency’s performance.