The Terra Luna Classic price has dropped to $0.00016791, a 4.5% decline today, after the SEC charged Terraform Labs and CEO Do Kwon “with organizing a multi-billion dollar crypto asset securities fraud.” While the market as a whole is experiencing volatility, LUNC is still up 4.5% over the previous week but down 4% over the prior 30 days.
LUNC isn’t immediately impacted by the SEC’s allegations because it is now community-driven, despite the terrible news for Terraform Labs and (the still-wanted) Do Kwon. It may also have a better future than the more recent LUNA token, which was introduced by Terraform Labs as part of the updated Terra 2.0 network, given intentions to re-peg sibling stablecoin USTC.
Today’s Lunc Price
Luna Classic’s price today is $0.0001693 USD
| DATE | Luna Classic | USD |
|---|---|---|
| Today | 01 |
$ 0.0001693
|
Terra Luna Classic Price Prediction
The coin’s relative strength index (purple) has decreased from 70 a few days ago to slightly around 40 today as a result of the news from yesterday. This suggests greater than usual selling pressure, and the fact that it hasn’t hit 30 yet shows that the price still has a long way to go before it is oversold.
Similar to how LUNC’s 30-day moving average (red) appeared to be heading back towards its 200-day average, it has since halted (blue). As a result, it can keep falling before bottoming out.
The crucial short-term support level to keep an eye on is $0.000165, which, if it is broken, might indicate additional declines. However, the unfavorable exposure could in fact force LUNC to decline further as Terraform Laboratories, Do Kwon, and Terra in general are currently making headlines for all the wrong reasons.
The SEC has been quite harsh in its accusations against Terraform Laboratories and Do Kwon, despite not specifying the type of penalty or punishment it may be seeking.
“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.
Terraform Labs announced Terra 2.0 and a single native token, LUNA, in May after giving up on the old Terra blockchain, LUNC, and USTC. Similarly, with a 7.5% reduction over the last 24 hours, LUNA has declined more than the majority of important tokens today as well as LUNC.
To put it another way, LUNA is the altcoin that will be most negatively impacted by the SEC’s action. LUNC, on the other hand, could be a little tarnished by association, but it and the Terra Luna Classic are now more decentralized and community-driven than they were before to May’s de-peg collapse.
And while we can anticipate that the price of LUNC will remain somewhat low in the immediate future, its longer-term outlook appears to be much more promising. For instance, since re-pegging the stablecoin would require a significant burn of LUNC tokens, the recently approved proposal to re-peg USTC is quite bullish for the altcoin.
This implies that once the idea is implemented, LUNC’s burn total—which is now at 39 billion—will significantly increase. Also, if the price of LUNC is to significantly increase, there must be a severe burning of the approximately 5.9 trillion units already in circulation.
It’s also exciting to see how the Terra Luna Classic community has been working to improve the usability and appeal of LUNC’s native blockchain. Most significantly, the task force to promote Terra Luna Classic development and acceptance was established at the conclusion of the year, which helped drive up the price of LUNC at the time.
Additionally, there have been some ideas to increase the burn rate in other ways, such as by boosting the minimum commissions (for validators) to 5%. (which could result in more LUNC burning).
There is no doubt that the vast majority of this community is focused on making LUNC a more appealing possibility, despite the fact that disagreements within the Terra Luna Classic group have occasionally stymied development.
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. Anything bigger would need astronomical burns, but with Binance starting its trading fee burns again the following month, the sum will start climbing again.
[embedpost slug=”eth-price-prediction-todays-ethereum-price-20th-feb-2023/”]
