LUNC Plunges 14% As SEC Scores Knockdown Blow Vs. Terraform Labs

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Name	Symbol	Market	Market Cap ($)	Algorithm
Terra Luna Classic	LUNCUSD	Crypto	794,073,160	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Terra Luna Classic

LUNCUSD

Crypto

794,073,160

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00000300	2.21%	0.000139	0.000138	0.00014

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00000300

2.21%

0.000139

0.000138

0.00014

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.000143	0.00013	0.000136	0.000136	0.000028 - 0.000323

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.000143

0.00013

0.000136

0.000028 - 0.000323

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	07:35:17	1,440,000.00	0.000139	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

07:35:17

1,440,000.00

0.000139

USD

Price x Volume	Volume	Base Symbol	Related Pairs
501,903.17	3,755,572,978.99	LUNC	LUNCEUR	LUNCGBP	LUNCBTC

Price x Volume

Volume

Base Symbol

Related Pairs

501,903.17

3,755,572,978.99

LUNC Plunges 14% As SEC Scores Knockdown Blow Vs. Terraform Labs

30/12/2023 5:44am

NEWSBTC

LUNC, the resilient token emerging from the tumultuous aftermath of Terra’s downfall, witnessed a notable 14% downturn, mirroring a substantial legal setback delivered by a U.S. District Court. This judicial decision favored the Securities and Exchange Commission (SEC) in their legal pursuit against Terraform Labs, the entity steering the Terra blockchain, injecting uncertainty into the fate of the beleaguered cryptocurrency. Harking back to the SEC’s assertions in February, the once-mighty stablecoin, LUNA, now lies at the heart of the controversy that unfolded in May 2022. The SEC contends that LUNA transcended the classification of a digital dollar, deeming it a security. Related Reading: Can BSV Hold Its New 2023 Peak? Analysts Watch As Trading Volume Explodes Additional Pain For LUNC Crucially, Terraform Labs allegedly neglected to register it as such. The gravity of the situation intensifies as Do Kwon, co-founder of Terraform Labs, faces accusations of orchestrating the sale of these unregistered securities, placing additional strain on the future trajectory of LUNC. Judge Jed Rakoff’s definitive ruling echoes a harsh reality – both LUNA and MIR, another token within the Terra ecosystem, are recognized as securities. This legal stance paves the way for potential further action by the SEC against Terraform Labs, casting a shadow over LUNC’s future. Source: Santiment The abrupt shift in market sentiment is evident as LUNC’s Weighted Sentiment, a metric gauging market optimism, plummeted to -0.510 post-ruling. This stark transformation from bullish to bearish suggests a loss of investor confidence in the short-term prospects of the token. Social Dominance, reflecting the attention given to LUNC, experienced a surge on December 29th, correlating with the court ruling. However, this heightened interest quickly dissipated, indicating that the initial impact was ephemeral, and traders may have swiftly incorporated the negative developments into their decision-making. LUNCUSD currently trading at $0.000142 territory. Chart: TradingView.com LUNC Price Analysis: Overall Downtrend With Potential For Reversal The chart (below) confirms a downward trend over the past seven days, mirroring the bearish sentiment post-court ruling. However, technical indicators suggest a potential for reversal: RSI: Dipping towards the oversold zone, implying a possible price rebound. Negative Divergence: Hints at an upcoming uptrend, though the legal uncertainty adds complexity. EMAs: The recent 20 EMA crossover above the 50 EMA offers a bullish signal, albeit weak. LUNC seven-day price chart. Source: Coingecko Impact Of Court Ruling: The sharp drop on December 29th coincides with the ruling, highlighting its significant impact. Continued bearish momentum suggests ongoing concerns about the legal and regulatory landscape. Support And Resistance Levels: Support: The $0.00013 area has acted as a barrier, holding price from further decline. Maintaining this level is crucial for bullish momentum. Resistance: Breaking above the $0.00015 level could signal a stronger uptrend, but overcoming psychological resistance may be challenging. Volume And Historical Trends: Low volume indicates investor indecision, possibly due to the legal uncertainty. Comparing to historical trends: Previous support and resistance levels offer limited guidance due to the recent crash. Past volatility patterns might not be reliable given the unique legal context. Overall: The technical indicators present a potential for LUNC reversal, but the court ruling casts a shadow of uncertainty. Closely monitor key support and resistance levels, watch for changes in volume, and remain cautious due to the volatile market conditions. Related Reading: MATIC Blasts Off: 20% Surge As Polygon Trading Volume Hits Records Featured image from Shutterstock

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LUNCUSD Terra Luna Classic