Luna Price News

As the new week started, the cryptocurrency market entered a phase of volatility and bearish trends.

Despite positive developments in the broader crypto market, Terra Luna has been unable to halt its continuous decline, as technical indicators suggest a bleak outlook for the cryptocurrency's future. The once respected crypto is currently trading at $0.0000916 with a 1.43% decline over the past 24 hours, and indicators suggest the near future may not be great for the LUNC price either.

Terra Classic price is building momentum to correct a 3% dip recorded in 24 hours. Before the pullback to 0.0001720, LUNC traded new 2023 highs of $0.0001936. With support at $0.0001720 staying intact, Terra Classic price might push for the resumption of the uptrend during the American session.

Terra blockchain launched a new digital token to compensate investors burned by one of crypto’s biggest busts, the blows have kept coming. Luna 2.0, as the coin is known, emerged out of the ashes of crypto entrepreneur Do Kwon’s ecosystem, which collapsed after the TerraUSD algorithmic stablecoin at the center of it dropped from its dollar peg in early May. But any hopes of a quick recovery for investors who lost billions of dollars in the crash are fading, with the token losing more than half of its value in the past week alone, based on data from CoinGecko. Scrutiny from securities regulators in the US and police in South Korea is adding to the woes. The US Securities and Exchange Commission is investigating whether the marketing of TerraUSD violated federal investor-protection regulations, Bloomberg News reported Thursday. In Seoul, police are examining allegations that staff of Luna backer Terraform Labs embezzled Bitcoin holdings amassed to help defend TerraUSD’s peg to the dollar.

Terra blockchain's native token LUNA, Indian exchanges delisted the beleaguered token from their platforms. LUNA has tanked to merely a few decimal cents from its peak of $118, wiping out 100 per cent wealth of the investors. Overall, the token has wiped out $40 billion from their pockets. In its support blog, WazirX said they are delisting the pairs of LUNA/USDT, LUNA/INR, LUNA/WRX. «We will enable Binance free transfer for users to withdraw their LUNA funds,» it added. USDT is Tether, a stablecoin, and WRX is WazirX's utility token.