Terra Luna Classic as LUNC Bounces Back From SEC Lawsuit Crypto Slump – Where is LUNC Heading Now?
The Terra Luna Classic price has fallen by 2% in the past 24 hours, although its drop to $0.00009607 today represents a 13% gain in the past fortnight, as the altcoin compensates for some of the losses caused by the SEC's recent legal actions.
LUNC's current price also means that it has risen by 5% in a month, while the coin is actually down by 33% since the start of the year, as a result of enthusiasm gradually waning for the Terra Luna Classic community's attempts over the past few months to support its price.
However, with this community recently passing a proposal to give the Terra Luna Classic blockchain technical parity with that of Cosmos, momentum appears to be returning to LUNC, as the market regains confidence in its direction.
This means that the next few weeks and months may bring further LUNC rallies as the altcoin attempts to recover some of the ground it has lost since May 2022's collapse.
LUNC's chart also strengthens the view that it has begun to regain a little impetus, with its relative strengrth index (purple) in particular rising from close to 30 (oversold) to around 60 today.
And while its 30-day moving average (yellow) had been in the process of falling below its 200-day average (blue), it has now flattened a bit and may actually resume rising again.
This all suggests renewed momentum, although given how uncertain crypto's current regulatory situation is at the moment (in light of recent SEC's actions), traders need to be aware that LUNC may not be entirely stable.
Still, it does seem that, all other things being equal, the altcoin is due more for further gains than further losses.
This is largely because LUNC has already been massively oversold this year, mostly because of dissatisfaction with the Terra
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