The Terra Luna Classic price has fallen to $0.00016791, with its 4.5% drop today following the news that the SEC is charging Terraform Labs and CEO Do Kwon “with orchestrating a multi-billion dollar crypto asset securities fraud.” LUNC remains up by 4.5% in the past week, but is down by 4% in the last month, amid a turbulent time for the market as a whole.
Despite the bad news for Terraform Labs and (the still fugitive) Do Kwon, LUNC isn’t directly affected by the SEC’s charges, given that it’s now community-driven. And with plans in motion to re-peg sister stablecoin USTC, it could have a brighter future ahead of it than the newer LUNA token, which was launched by Terraform Labs as part of the revamped Terra 2.0 network.
The recent SEC charges against Terraform Labs and Do Kwon have caused a lot of drama in the crypto world. However, LUNC, which is now community-driven, isn’t directly affected. In fact, there are plans in motion to re-peg sister stablecoin USTC, which could mean a brighter future ahead for LUNC than the newer LUNA token, which was launched by Terraform Labs as part of
Yesterday’s news has caused LUNC’s indicators to react negatively, with the coin’s relative strength index (purple) dropping from 70 a few days ago to just under 40 today. This indicates that the selling pressure is above-average, while the fact that it hasn’t fallen below 30 (yet) signals that the price still has plenty of room to fall before it becomes oversold.
Likewise, LUNC’s 30-day moving average (red) has stalled after looking like it might be climbing back toward its 200-day average (blue). The current trend may continue to dip further before bottoming out.
The key short-term support level to watch is $0.000165, which could signal a further fall if it fails. And with Terraform Labs, Do Kwon and Terra, in general, entering the news for all the wrong reasons now, the negative publicity could indeed cause LUNC to drop further.