- The article discusses Terra Classic’s (LUNC) recent 32% price drop amidst Bitcoin’s slump and impending legal confrontation with the SEC on March 25th, coupled with a crucial chain upgrade.
- Despite the uncertainty, the upgrade aims to introduce Inter-Blockchain Communication (IBC)-Hooks, offering potential growth opportunities, while technical indicators suggest a bearish trend in LUNC’s price, prompting investors to closely monitor the outcome of these developments.
Terra Luna Classic (LUNC) price dropped 32% due to Bitcoin’s slump and a “stiff seller congestion zone.” A legal battle between Terraform Labs and the SEC on March 25th could significantly impact LUNC’s future. Despite the bearish trend, a chain upgrade planned for the same day might bring positive developments for LUNC.
The cryptocurrency market has recently been a rollercoaster ride, with Bitcoin’s value plummeting below $70,000, causing reverberations across the entire crypto landscape. Among the altcoins feeling the heat is Terra Classic (LUNC), which has witnessed a staggering 32% decline, dipping to $0.00013, due to Bitcoin’s downward spiral and what analysts describe as a “stiff seller congestion zone.”
Adding fuel to the fire is an impending legal clash between Terraform Labs, the team behind Terra Luna, and the Securities and Exchange Commission (SEC) scheduled for March 25th. The focus of this showdown will be on Do Kwon, a pivotal figure in Terraform Labs, who is currently entangled in extradition proceedings, thereby adding a layer of intrigue to the situation. The outcome of this legal battle could have far-reaching implications for the regulatory landscape surrounding Terra Luna Classic and its associated projects.
Yet, amidst the looming legal uncertainties, Terra Luna Classic is gearing up for a significant move. On the same day as the SEC hearing, the cryptocurrency is set to introduce its much-anticipated chain upgrade, version 2.4.2. This upgrade will introduce Inter-Blockchain Communication (IBC)-Hooks, a feature facilitating seamless integration of decentralized applications (dApps) with the Terra Luna Classic network. This development injects a ray of hope into an otherwise murky situation, offering prospects for growth and development despite the regulatory headwinds.
Price Forecast for LUNC
However, the outlook for LUNC’s price remains shrouded in uncertainty amidst these developments. With Terra Classic experiencing a substantial 48% correction from its March peak, investors are eyeing the critical double-bottom support at $0.00012, previously tested in February, as a potential trigger for a rebound. Yet, technical indicators paint a bearish picture, with the Relative Strength Index (RSI) and Awesome Oscillator (AO) signaling a negative trajectory, suggesting the possibility of further downtrend continuation.
If selling pressure persists, LUNC’s price could witness a further decline, possibly plummeting to $0.00009170, marking a 30% drop from current levels. Nonetheless, an optimistic scenario envisions a bullish recovery if buyers re-enter the market, propelling LUNC’s price towards $0.00025000, signaling a potential trend reversal.
In summary, the interplay between the upcoming legal battle, chain upgrade, and prevailing market conditions will shape the short-term trajectory of LUNC’s price. Investors are advised to stay vigilant and monitor these developments closely, recognizing their potential impact on the cryptocurrency’s performance in the near future.
