The post Terra Classic (LUNC) Price Crash Looms: 30% Drop Expected Ahead of Terraform Labs vs SEC Hearing appeared first on Coinpedia Fintech News

Crypto euphoria hits a speed bump! Bitcoin’s tumble below $70K triggers a domino effect, with altcoins like Terra Classic taking a 32% dip. LUNC trades at $0.00013, marking a wild ride from recent highs! This sudden rejection in LUNC from a “stiff seller congestion zone” indicates that the cryptocurrency may face further downward pressure soon.

Here’s What Looming on the Terra Land 

Adding to the market uncertainty is an upcoming legal battle between Terraform Labs, the company behind Terra Luna, and the SEC. This hearing, scheduled for March 25, carries significant weight for the future of Terra Luna Classic and its ecosystem. The hearing will focus on Do Kwon, a key figure in Terraform Labs, currently facing extradition proceedings.

Kwon’s absence from the court, as he remains in Montenegro, will be notable, with his legal representation providing updates on the extradition process. The legal outcome could substantially impact Terra Luna Classic’s regulatory landscape and its associated projects.

Will the Legal Case Impact the Upgrade? 

However, on the same day of the hearing, Terra Luna Classic will unveil its anticipated chain upgrade. 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. It will be a huge milestone for Terra amid the regulatory mess. As it opens up new possibilities for the development and expansion of the ecosystem.

Buy the Dip? 

In light of these developments, the price outlook for LUNC remains uncertain. Terra Classic sees a hefty 48% correction from the March peak. But it’s not all gloom—keeping a close eye on the crucial double-bottom support at $0.00012. This level, reached in February, could steer a comeback, igniting hopes after a commendable rally to $0.000255.

But technically it is a bearish trend, with the Relative Strength Index (RSI) below the 50 midline and the Awesome Oscillator (AO) flipping negative, it shows that the downtrend will continue. If selling pressure continues, LUNC’s price could drop further, potentially hitting $0.00009170, representing a 30% decrease from current levels.

However, a positive recovery is possible if bulls re-enter the market. A necessary closure above the resistance level might herald a trend reversal, drawing buyers and pushing LUNC’s price toward $0.00025000.

Overall, the outcome of the legal hearing, mixed with the chain upgrade and market dynamics, will likely determine the short-term trajectory of LUNC’s price. Investors should closely monitor these events and their potential impact on the cryptocurrency’s performance.

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Filed under: Bitcoin - @ March 20, 2024 7:05 am