- Terra Luna Classic’s price faces a steep 32% decline amidst a broader market crash, attributed to rejection from a seller congestion zone.
- With a crucial legal hearing between Terraform Labs and the SEC scheduled alongside a significant network upgrade, LUNC volatility is expected to soar, presenting both challenges and opportunities for investors.
Terra Luna Classic (LUNC) investors are bracing for a stormy week ahead as the cryptocurrency faces a significant price downturn amidst a broader market slump. The recent rejection from a stubborn seller congestion zone has sent LUNC plummeting by 32%, leaving traders on edge. With the looming legal battle between Terraform Labs and the US Securities and Exchange Commission (SEC) scheduled for March 25, coupled with the anticipated Terra Classic chain upgrade, volatility is expected to soar in the coming days.
Legal Showdown with the SEC
The highlight of the week for Terra Luna Classic is undoubtedly the impending hearing between Terraform Labs and the SEC. The absence of Do Kwon, the central figure in the legal saga, who is still in Montenegro and represented by his lawyer, adds an extra layer of uncertainty. Kwon’s extradition to South Korea, following objections from US authorities, hangs in the balance, leaving the outcome of the hearing shrouded in suspense. The legal entanglement stems from Terra’s collapse in 2022, which led to Kwon’s arrest for possession of falsified documents.
Upgrade Hype: Terra Classic Chain Enhancement
In addition to the legal drama, the Terra Classic chain upgrade scheduled for March 25 has captured the attention of investors and enthusiasts alike. The approval of the v2.4.2 upgrade proposal aims to introduce IBC-Hooks, facilitating the seamless onboarding of decentralized applications (dApps) onto the Terra Luna Classic network. With overwhelming support from validators and community members, the upgrade is poised to enhance the ecosystem’s functionality and attract further adoption.
Navigating Through Price Volatility
Against this backdrop of legal uncertainty and technical upgrades, LUNC price volatility has surged, with indicators signaling a potential further downturn. Technical analysis reveals a bearish outlook, with the Relative Strength Index (RSI) below the 50 midline and the Awesome Oscillator (AO) displaying negative momentum. Increased selling pressure could drive LUNC to a 30% decline below current levels, testing support at $0.00009170.
A Glimmer of Hope
However, amidst the gloom, there remains a glimmer of hope for LUNC investors. A decisive breakout above the resistance zone could trigger a bullish reversal, fueling a potential rally towards the $0.00025000 mark. The outcome of the legal battle and the successful implementation of the Terra Classic upgrade could serve as catalysts for renewed investor confidence and price appreciation.
As Terra Luna Classic braces for a week of turbulence, traders and investors must tread cautiously, navigating through choppy waters fueled by legal uncertainties and technical developments. The outcome of the legal showdown and the response of the market to the Terra Classic upgrade will undoubtedly shape the trajectory of LUNC price in the days to come.
