Traders are questioning whether the possibility of Terra Luna Classic (LUNC) reaching $0.00058 is still on track. This uncertainty arises after a jury found TFL and Do Kwon responsible for fraud in an SEC case.
The jury found Terraform Labs and Do Kwon guilty of fraud in a civil case brought by the U.S. Securities and Exchange Commission (SEC). Despite their disappointment, Terraform and its executives are exploring options, questioning the SEC’s authority to file the case. Traders are now uncertain about the potential rally of LUNC’s price after it dipped by over 2% near a crucial support level due to the lawsuit.
Analyst Predicts Significant Upside for Terra Luna Classic (LUNC) Price
Analyst Javon Marks has shared optimistic insights regarding the trajectory of Terra Luna Classic (LUNC) price, foreseeing further upward movement. Marks identifies a bullish pattern shaping up, indicating potential gains of over 270% amidst the ongoing bull market.
Marks has set a target price of $0.00058 during this bullish phase. He anticipates that the next bullish breakout will propel prices even higher, attributing this optimism to the formation of a bull pennant pattern over an extended period. According to Marks, a breakout is expected around mid-April, coinciding with the Bitcoin halving event, potentially driving LUNC price towards the $0.0005 level.
Terra Luna Classic (LUNC) Price Analysis and Market Outlook
Amidst the ongoing bull market, Terra Luna Classic (LUNC) faces its next significant resistance at the psychological level of $0.0002. Having reached a high of $0.000255 in early March, the community anticipates a potential retest of this level. Additionally, the $0.000125 mark remains a crucial support level.
As of now, LUNC is trading at $0.000132, maintaining a position above the support level. Over the past 24 hours, the price fluctuated between $0.0001319 and $0.0001372.
Notably, there has been a rise in open interests for LUNC and 1000LUNC futures in recent hours, suggesting a potential recovery in price. In the last four hours alone, futures open interest has increased by 2%. The increasing activity in futures and spot trading indicates growing support for further upside momentum, particularly amid a broader crypto market recovery.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
