Terra Luna Classic Price Prediction

The indicators for LUNC are not doing well at the moment. Its price is expected to plummet along with its relative strength index (purple), which has dipped below 40 in the last few hours.

The 30-day moving average (red) for LUNC is also below its 200-day average (blue) and may continue to fall before bottoming out and starting to rise.

The current support level for LUNC appears to be around $0.000166; the coin has tested this level of support a few times today. Each time, it recovered, indicating that even if it were to fall a little farther today, it wouldn’t be by much.

As previously mentioned, the situation for LUNC is not looking good at the moment as the SEC has accused Terraform Laboratories and Do Kwon of securities fraud.

If the US District Court for the Southern District of New York rules in favor of the SEC, it is unclear what penalties Terraform Laboratories or Do Kwon will face. Nonetheless, considering the seriousness of the securities regulator’s accusations against the two named parties, any consequent fine will probably be high.

“The Terraform ecosystem was neither decentralized nor financially supported, as claimed in our complaint. It was essentially a hoax supported by an alleged algorithmic “stablecoin” whose price was set by the defendants rather than any code, “said Gurbir S. Grewal, head of the SEC’s enforcement division.

As soon as this information was released on Thursday, the price of LUNC dropped. But, it must be made clear that Terraform Labs has given up on the original Terra blockchain, now called Terra Luna Classic and including the coins LUNC and USTC.

As a result, if the SEC prevails in its lawsuit, the more recent blockchain Terra 2.0 as well as its native coin LUNA will suffer more harm. Contrarily, Terra Luna Classic’s community-led decentralization will allow it to continue running long after this case is over.

Since the currency has many fundamental reasons to anticipate rallies later this year, the market might anticipate that the LUNC price will rebound following this initial shock.

The now-accepted plan to re-peg USTC is particularly positive for the alternative coin because doing so would require a significant burn of LUNC tokens. Also, it would probably lead to more people using the Terra Luna Classic network and ecosystem.

The re-peg plan will result in a significant increase in LUNC’s burn total, which is now at 39.37 billion. That might significantly reduce the 5.9 trillion circulating LUNC supply, which would raise the price of the asset.

It’s also important to note that Binance will commence burning LUNC trade fees as of next month, which will help to further lower the quantity that is in circulation. Such burns had been temporarily put on hold, but since a whitelist for on-chain burns was created (to which Binance would presumably be added), it is again possible to resume its program.

Generally speaking, the Terra Luna Classic community has been making further efforts to increase the appeal of LUNC’s native blockchain to developers and adopters. For instance, the task force for Terra Luna Classic growth and adoption was established at the end of the year, which helped the network both grow and recover.

Together, these events show that Terra Luna Classic, despite its issues, has a strong community that is dedicated to repairing the platform’s network and bringing LUNC back to its previous levels of value. With a rise to $0.0003 or higher probable by the end of 2023, there is a strong possibility that the altcoin will return to $0.0002 in the coming months.

And such profits are probably going to be substantially bigger once the re-peg plan is implemented.

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