As Terra Luna Classic (LUNC) experiences a 10% rebound from its recent low, the crypto community is buzzing with anticipation.
There’s a key question on everyone’s mind: will LUNC reach the coveted $1 mark in 2023?
This update delves into Terra Luna Classic price forecasts, examining various factors that could affect its trajectory in the near to medium term future.
From market trends and technological developments to macroeconomic implications, we’ll explore the potential paths for LUNC’s value growth in the exciting and often unpredictable world of cryptocurrency.
Jump Trading accused of profiting $1.3B from TeraUSD in recent lawsuit
court documents filed Allegations of collusion between Jump Trading and TerraForm Labs in Illinois extend to artificially boosting the price of TerraUSD (UST), an algorithmic stablecoin that ultimately failed to gain traction.
According to a court filing dated May 9, the company bought millions of UST tokens with the goal of artificially inflating the token’s value to $1 in 2021.
Plaintiff Taewoo Kim in the case alleges that Jump and its CEO Kanav Kariya violated the Commodity Exchange Act, CFTC regulations, and common law unjust enrichment.
According to the complaint, Jump Trading was an early supporter and partner of Terraform Labs.
Jump signed multiple contracts with Terraform and its subsidiaries from November 2019 to September 2020 to “borrow millions of rupees.” [Terra] LUNA Tokens” and “supplying market-making services for transactions in LUNA, UST, and AUST.”
These deals offered Jump Trading the opportunity to “acquire LUNA tokens at a significantly reduced price, which could then be sold back into the market to boost Jump’s own profits.”
The legal charges against Jump Trading and TerraForm Labs could have a significant impact on the price of Terra Luna Classic (LUNC).
The lawsuit calls into question the legality of the practices used in the trading and market-making of the LUNC token, potentially leading to a loss of confidence among investors.
It is also worth considering that news of the lawsuit could cause panic among LUNC holders, which could lead to a drop in the coin’s price.
However, it is important to note that these are potential scenarios, and the actual impact will depend on a number of factors, including the outcome of the lawsuit, market sentiment, and the broader state of the crypto market.
Terra Luna Classic Price Prediction
the current Terra Classic Price Standing at $0.000090 with a trading volume of $30,541,882 in the last 24 hours. The token has seen a marginal increase of around 1.50% over the past day.
According to Coinmarketcap, Terra Classic is ranked 79th in terms of market capitalization, which currently stands at approximately $530,582,613.
From a technical perspective, the LUNC/USD pair is expected to find immediate support near the $0.000086 level. Conversely, on the upside, the LUNC/USD pair is expected to face an immediate resistance near the $0.000093 level.
Further higher, an additional bullish breakout of this level could expose LUNC towards $0.000096, a level that marks the 61.8% Fibonacci retracement level.
On the downside, the LUNC/USD pair could potentially find an immediate support near $0.000086, and a dip below this level could potentially drag LUNC price down towards the $0.00008218 or $0.000079 marks.
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Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.