Terra LUNA Classic price already tanked over 30% for March.

LUNC is not in a good spot as stablecoins are being questioned as the fallout of SVB starts to fade.

Expect to see an uptick short term, while the downtrend is still very much at play in the longer term.

Terra LUNA Classic (LUNC) price is starting to open up some room for more bullish moves after the bears showed their hand again at the beginning of March. With an overall performance of -30% for the month of March, it is quite clear that bears are still very much present and active in the price action. Meanwhile, room is opening up for bulls as they are offered some narrow room for a 15% rally.

Terra LUNA Classic (LUNC) price sees the hand of bulls this Thursday morning after a firm downtrend these past few days as March is often a negative month in the markets. With over a 30% loss, salvaging the month will be near impossible, but that does not mean that bulls cannot bank some profits in the meantime.

LUNC sees bulls slowly but surely grinding higher as bears are letting go of their stance for the moment. This means some room to the upside with the ideal candidate at the topside near $0.000014000 at the monthly S1 support level. Between now and that level, a 15% gain could be booked, and bulls can trade it with a trailing stop-loss to keep their positions safe.

The bigger risk to the downside hangs with the Relative Strength Index (RSI), which is below 50 and could see bears not taking any profit until that “oversold” label has been reached. That would mean that LUNC needs to tank another 14% toward $0.000011000 before activating that. Support could come in and offer a window of entry for bulls there, depending on the events in the market at that moment.

#luna #terra #lunc #BullRun #koinmilyoner

Terraform Labs and its former employees have been questioned per Wall Street Journal.

Earlier last month, Terraform Labs, along with its former CEO, Do Kwon, was charged by the SEC with fraud.

Luna Classic price climbed the charts by 10% in the last 24 hours to trade at $0.0001316.

Nearly a year since Terraform Labs first collapsed, regulatory authorities are still pursuing its unfateful stablecoin TerraUSD (UST). The United States Department of Justice is joining the list, which will spearhead another investigation regarding the same.

US DoJ after Terra and Do Kwon

According to a report from the Wall Street Journal, the Justice Department is potentially investigating the collapse of Terra’s stablecoin. The DoJ’s investigation is said to be touching the same base as the Securities and Exchange Commission (SEC) did, with the department also questioning former employees of the company.

The Justice Department is also pursuing the lead of Chai, the blockchain responsible for enabling UST. Created by Terraform Labs, the blockchain was said to be conducting millions of transactions, a claim made by Do Kwon and the team, which turned out to be false.

Earlier last month, even the SEC filed charges against the company and its founder, Do Kwon. The regulatory body alleged that Terraform Labs and Do Kwon orchestrated a multi-billion dollar crypto fraud. According to the SEC charges, Do Kwon was marketing the crypto assets as an opportunity to earn profit.

If the investigation reaches a conclusion and Terraform Labs and Do Kwon are found responsible, they could most likely face criminal charges, which could lead to a prison sentence.

Luna Classic continues on its path

Unbothered by the broader market developments surrounding Terra, LUNC price followed the cues of Bitcoin and Ethereum to mark a 10% rise in the span of 24 hours. Trading at $0.0001316, the altcoin is treading pretty close to the critical support at $0.0001188.

If this support is lost, there is a high chance that Luna Classic price might face significant corrections, which could carry on until LUNC hits a six-month low of $0.0000825. This would mark a 37.39% crash for the cryptocurrency. 

However, the cryptocurrency is also looking at reclaiming the recent losses, but for the same, it would need to rise above and flip the resistance at $0.0001422 into a support floor. This would allow LUNC to initiate a rally toward a critical resistance at $0.0001573. Consequently, LUNC would invalidate the bearish thesis while also marking a 20% rise.

#crypto2023 #lunc #luna #koinmilyoner

Terra LUNA Classic price could flip sentiment after a bullish ASIA-PAC trading session.

LUNC is set to drop another leg lower as the US trading week begins.

Expect to see volatile moves this Monday with a possible leg lower toward $0.000012000.

Terra LUNA Classic (LUNC) price is all over the place after price action jumped roughly 8% during the ASIA-PAC trading session on Monday as markets are in panic mode. Unfortunately, bulls cannot bank on the early move upwards as bulls are facing a rough technical area. With bears set to kick the bulls in the gut, another slide lower and back to the level from Sunday looks like the most plausible outcome for this Monday.

Terra LUNA Classic opens up the risk with a volatile Monday trading day

Terra LUNA price saw bids coming in hard and heavy as traders seized the bullish momentum during the ASIA-PAC session. Altcoins were able to jump on the back of several reassuring comments that Silicon Valley Bank and Signature Bank depositors are not at risk of losing money. Sentiment changed 180 degrees as the European trading session came into play with contagion risks, which could again mean more troubles for the crypto industry.

LUNC sees bulls taking a step back after hitting that red descending trend line just around the time the ASIA-PAC session was going to sleep and handed over the trading stick to the European trading session. A fade over 2% occurred with support at $0.000012743. Expect to see more volatility with at risk a leg lower toward $0.000012000 and price action to head back to the low of this weekend.

If support at $0.000012743 holds, a squeeze to the upside could happen with a breakout above the red descending trend line. That means that a break above the red descending trend line would trigger a bear trap for short-sellers at that same red descending trend line this early Monday morning. A clean breakout above the red descending trend line could see a sprint by the bulls toward $0.000014771 and make 12% for this Monday. 

#luna #lunc #terra #crypto2023 #koinmilyoner

Cremation Coin, Terra Gaming, LUNC DAO, and Luna Station each contributed to this week’s Terra classic burns.

The Terra Classic (LUNC) community has not neglected the ongoing burn initiative despite a reduction in its social engagements, as several projects and validators have collectively incinerated nearly 33 million LUNC so far this week.

As of press time, the total burns for the week currently stand at 32,929,066, with four entities accounting for 99.6% of these burns. These include projects such as Cremation Coin and Terra Gaming and validators LUNC DAO and Luna Station.

Cremation Coin

The Cremation Coin burn was the largest and the most recent of this week’s transactions. The project incinerated 18.3 million Terra Classic tokens today at 02:12 (UTC). Its burn accounts for 55.6% of the total burns for this week at the time of reporting.

Despite the magnitude of Cremation Coin’s latest burn, it is still the project’s lowest single burn for March, as its past three burns involved 77 million tokens on March 21, 106 million LUNC on March 14, and 51 million tokens on March 7. This brings its total burns for this month to 252.3 million LUNC.

Terra Gaming

Terra Gaming, the LUNC-based online bookie launched last November, has silently incinerated hundreds of thousands of LUNC tokens daily for the past 7 days, on-chain data reveals. This week alone, the project has incinerated 1.99 million LUNC tokens in two transactions.

Upon its launch, the betting platform promised to incinerate LUNC with a portion of its betting volume, and it has kept to that pledge since then. In the past 7 days, Terra Gaming has carried out 7 burn transactions, each amounting to at least 990K LUNC tokens. As a result, its cumulative burn in the past 7 days currently stands at 6.9 million Terra Classic.

Luna Station & LUNC DAO

Validators Luna Station and LUNC DAO also made their respective marks in this week’s burns. LUNC DAO incinerated 1.6 million LUNC tokens as part of its weekly commitment to the Terra Classic burn campaign. The validator continues championing the initiative, one of the first entities to jump on it.

Luna Station conducted its burn transaction on Monday at 12:29 (UTC). The transaction involved 10.8 million tokens, making the validator the second-largest burner for this week so far.

Following the latest burns, total cumulative burns now amount to 50.8 billion LUNC. The community recently crossed the 50 billion burn threshold, as previously reported. At this point, they are looking to soar above the 51 billion mark.

#lunc #luna #terra #crypto2023 #Binance

The most recent crypto-market dip, one accelerated by the collapse of Silvergate Bank, is weighing down heavily on Luna Classic (LUNC), the cryptocurrency that powers the original but not largely defunct Terra blockchain ecosystem.

Friday saw the altcoin fall by over 10% on the price charts. Since then, while the crypto has stabilized somewhat, it’s still well on a downtrend. It will continue to be on one as long as the macroeconomic headwinds remain as they have been.

Despite recent falls, LUNC is likely to rally again in the near future, with the Terra Luna Classic community coalescing around proposals for boosting the altcoin’s price.

LUNC was at the center of the collapse of the Terra ecosystem in May 2022. The coin has also been severely affected by the collapse of the crypto exchange FTX in November last year. Its market capitalization has dropped from $1.5 billion to $1.0.4 billion since then. 

Transactions on the Terra 2.0 blockchain are validated through the proof-of-stake (PoS) consensus mechanism. 

The leading cryptocurrency, Ethereum (ETH), has also transitioned from a proof-of-work to a proof-of-stake mechanism. This has only made the competition among PoS blockchains tougher. 

The network has 130 validators working at a given point of time. As a PoS platform, it is considered being a very eco-friendly token.

Why do these projections matter?

A stablecoin is intended to safeguard coin holders against the volatility of other cryptocurrencies. It is pegged to either a fiat currency such as USD or to a supporting cryptocurrency. Terra USD (UST) was pegged to Luna Classic (LUNC- then, only LUNA). 

This is where the problem began. A cryptocurrency is in no way equivalent to gold reserves. As LUNA prices became destabilized, it adversely affected UST prices too, and the entire stablecoin system collapsed in May 2022.

For the initial few years, LUNC kept performing well. And, it was even among the top 10 cryptocurrencies by market value by the end of 2021. 

But the Terra system collapsed in May 2022, leading to a fork. It basically launched a new version of Luna. The Terra Ecosystem Revival Plan 2 was implemented according to which both versions of the Luna token can exist. 

Undoubtedly, the future of this cryptocurrency is crucial in determining if a failed crypto can make a comeback and grow.

Well, its performance after the May 2022 debacle has been, so far, less than celebratory.

But if LUNC trades well in the future, it will be a cause of celebration not only for this particular cryptocurrency, but for a lot of other cryptos. 

LUNC’s price, volume, and everything in between

Since its launch in 2019, LUNC’s price kept floating around $0.2 and $1.3 until April 2021. When the crypto market boomed in mid-2021, its price increased and touched $100 by the end of the year. 

Starting from 2022, it kept oscillating between $50 and $100 and reached an all-time high (ATH) of $119.18 on 5 April 2022. The next month, its price began to fall and the Terra system collapsed in mid-May.

At press time, it was trading at $0.00012119 on TradingView. The altcoin had a market cap of just over $715 million. 

Bloomberg reported in May 2022 that the market lost approximately $45 billion within a week following the Terra collapse. Terraform Labs and its co-founder Do Kwon were fined $78.4 million in corporate and income tax by the Korean National Tax Service.

On 25 May 2022, Bloomberg reported that the network launched a new version of the cryptocurrency, LUNA. The older crypto is now called Luna Classic (LUNC) and the newer one is called Luna 2.0 (LUNA).

Though LUNC, the older cryptocurrency, has not been entirely replaced, a lot of users are moving to LUNA. It should be noted here that LUNC so far has not been performing well at all.  

The market capitalization of LUNC similarly reflects the market sentiment regarding crypto. Throughout 2019-20, it didn’t even reach up to $500 million, but began increasing in 2021.

Now, towards the beginning of February, it crossed the $1 billion mark. And, by the end of 2022, it was above $36 billion. 

LUNC’s journey kept moving upward the next year too and in April 2022, it crossed $41 billion. But post the crash of May 2022, it oscillated between $300 million and $1.5 billion. 

South Korea is now seeking to revoke Kwon’s passport following which he might be forced to return to South Korea. A request has been passed to the nation’s Foreign Ministry to scrap the travel document, reported Bloomberg. An arrest warrant has already been issued against him and other members.  

Recently, Financial Times reported that South Korean prosecutors have reportedly asked Interpol to issue a Red Notice against Kwon. Kwon, however, tweeted that he is not on the run from any interested government agency and added that the company is in full cooperation and doesn’t have anything to hide.  

The crypto crisis that followed the collapse of the twin coins, Terra USD and Luna Classic, has adversely affected the entire crypto market. LUNC, in such circumstances, remains particularly vulnerable.  

#lunc #luna #koinmilyoner #crypto2023 #buildtogether