MORE INFO ON LUNC, MY FAV. WATCH THESE DAYS
Terra Luna Classic (LUNC) has demonstrated remarkable resilience in the face of the recent cryptocurrency market crash.
After bouncing off above the support level of 0.00009044, LUNC has managed to climb back up and is currently trading at $0.00009534.
This impressive recovery has captured the attention of investors, who are now keen to understand the factors driving LUNC’s upward momentum.
Terraform Labs co-founder Do Kwon is reportedly facing extradition custody in Montenegro following a request from South Korea, where he is accused of being involved in the largest financial fraud case in the country’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 charges of falsified travel documents.
The Terraform Labs’ Terra ecosystem collapse in May 2022 resulted in estimated losses of up to $40 billion.
The current price of Terra Classic (LUNC) is $0.000095, with a 24-hour trading volume of $8.2 million.
Over the past 24 hours, Terra Classic has experienced a 2% decrease in value. It currently holds the #62 position on CoinMarketCap, with a live market cap of $55 million.
There are approximately 5,847,255,050,742 LUNC coins in circulation.
On the technical side, LUNC has experienced a bounce above a key support level at 0.00009063, which is confirmed by another trend line visible on the four-hour timeframe.
This bounce has led to a rise towards the level of 0.00009522. Currently, LUNC has formed a symmetrical triangle pattern, indicating indecision among investors and a cautious market sentiment.
The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) also show signs of buying interest.
These indicators suggest that investors await a clear signal or positive market developments before moving.
Monitoring the immediate resistance level at 0.00009517 is essential, as a break above it could potentially push LUNC’s price toward 0.0001028.
However, a bearish scenario cannot be ruled out, with a possible trade around the 0.0001104 level.
Keep an eye on the market for further insights and potential trading opportunities.
Ultimately, this update could help the Terra Luna Classic ecosystem to grow once again, developing more apps that increase demand for LUNC.
Combined with the USTC re-peg proposal, the next few months could therefore witness some significant gains for LUNC.
From its current price of $0.00009765, it’s likely to return to $0.0001 in the next few days, before reaching $0.0001126 in the next few days.
And if a re-peg proposal is put into the plan, LUNC could rise even higher, losing some decimal places on its march towards regaining $1