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 30 days, 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 a different company.
However, the overall market conditions are having a negative impact on the coin, so it’s worth keeping an eye on LUNC in the coming weeks.
Terra Luna Classic Price Prediction as the SEC Sues Terraform Labs and Do Kwon – Is LUNC in Trouble?
LUNC’s indicators have responded negatively to yesterday’s news, with the coin’s relative strength index (purple) dropping from 70 a few days ago to just under 40 today.
This indicates that the price is likely to continue dropping, while the fact that it hasn’t fallen below 30 (yet) signals that there is still room for it 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). As such, it now looks like the coin is in for a sustained period of weakness.