Terra Luna Classic (LUNC) has displayed remarkable fortitude amidst the recent cryptocurrency market turbulence. After bouncing off from above a support level of 0.00009044, LUNC has steadily climbed back up and is currently trading at $0.00009534. This impressive turnaround has piqued investors’ curiosity, who are now eager to decipher the factors propelling LUNC’s upward trajectory.
In the backdrop of LUNC’s resurgence, Terraform Labs co-founder Do Kwon is reportedly facing extradition custody in Montenegro following a request from South Korea. He stands accused of the most extensive financial fraud case in the nation’s history. The United States has also sought his extradition to face charges by federal prosecutors and the US Securities and Exchange Commission. Kwon and former Terraform Labs CFO Han Chong-joon were arrested in March on falsified travel document charges. Kwon is currently being probed for his connections to a local politician, which has drawn considerable media attention. The Terraform Labs’ Terra ecosystem collapse in May 2022 resulted in estimated losses of up to $40 billion.
At present, Terra Classic (LUNC) is valued at $0.000095, with a 24-hour trading volume of $8.2 million. Despite having experienced a 2% decrease in value over the past 24 hours, LUNC holds the #62 position on CoinMarketCap, with a live market cap of $55 million. There are approximately 5,847,255,050,742 LUNC coins circulating the market.
On the technical front, LUNC has seen a bounce above a crucial support level at 0.00009063, confirmed by another trend line visible on the four-hour timeframe. This bounce has triggered the rise towards the level of 0.00009522. LUNC currently forms a symmetrical triangle pattern, reflecting indecision among investors and cautious market sentiment. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) also show signs of purchasing interest.
These indicators imply that investors are waiting for a definitive signal or positive market development before making a move. Monitoring the immediate resistance level at 0.00009517 is crucial as a break above it could potentially push LUNC’s price toward 0.0001028. It is important to consider the possibility of a bearish scenario with a potential trade around the 0.0001104 level.
In the coming months, the Terra Luna Classic ecosystem has the potential to expand, enabling the development of applications that raise demand for LUNC. Coupled with the USTC re-peg proposal, LUNC may witness significant gains. From its current price of $0.00009765, it might return to $0.0001 in the next few days before reaching $0.0001126 in subsequent days. Moreover, with a re-peg proposal in place, LUNC could experience even greater growth, shedding some decimal places on its path to reclaiming $1.
Keeping an eye on the market for additional insights and potential trading opportunities is the key for investors to capitalize on the unfolding events.
Source: Cryptonews
