The Terra Luna Classic (LUNC) is navigating a turbulent market, further compounded by looming legal confrontations and network upgrades, casting a shadow over its near-term price trajectory, particularly relevant for investors within the South African crypto community. Amidst the broader market’s downturn, led predominantly by Bitcoin’s decline, LUNC’s specific challenges include a pivotal legal hearing and a significant chain upgrade, both slated for March 25, which could induce further price volatility.
Central to the unfolding drama is Terraform Labs’ hearing with the US Securities and Exchange Commission (SEC), focusing on Do Kwon, Terraform’s founder, who is presently in Montenegro. Despite his absence, due to a court ruling mandating his extradition to South Korea post-March 23, his legal representation will attend. This hearing follows after Terra’s catastrophic collapse in 2022, erasing billions from the market and leading to Kwon’s arrest in Montenegro on charges of possessing falsified documents.
Parallel to the legal proceedings, the Terra Classic chain is poised for an upgrade aiming to bolster the network’s appeal to decentralized applications (dApps) through the introduction of IBC-Hooks. This technical enhancement enjoys widespread support from the network’s validators and community, underscoring the day’s significance for the future of LUNC, LUNA, and USTC.
Amid these pivotal events, market analysts are wary of LUNC’s immediate price outlook. The asset has seen a 32% decline following resistance, with technical indicators like the Relative Strength Index (RSI) and the Awesome Oscillator (AO) signaling potential for further downturns. A continued bearish trend could precipitate a 30% price drop to $0.00009170 (approximately R0.00174). Conversely, bullish momentum could initiate a recovery, potentially rallying the price to higher thresholds.
This period marks a critical juncture for Terra Luna Classic, with its fate heavily influenced by legal outcomes and network advancements. South African investors, alongside the global crypto community, remain vigilant, anticipating the potential impacts on LUNC’s valuation and broader implications for the cryptocurrency landscape.
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