Is Terra Luna Classic (LUNC) Price Rally to $0.00058 Still Valid?

Highlights

Terraform Labs considering further options and next steps in response to jury sided with the SEC in fraud trial.
Traders become skeptical if Terra Luna Classic price target of $0.00058 still prevails.
LUNC price currently trades above $0.00013 after support from derivatives traders.

The jury held Terraform Labs and Do Kwon liable for fraud, ruling in favor of the U.S. Securities and Exchange Commission (SEC) in the U.S. civil case. However, Terraform and executives are disappointed with the verdict and considering options and next steps believing that the SEC doesn’t even have the legal authority to bring this case.

As a result of the lawsuit, traders are now considering if LUNC price can still rally after it dropped over 2% to near support key level.

Terra Luna Classic Target Price of $0.00058

Analyst Javon Marks revealed that LUNC price still has further upside movement left as it forms a bullish pattern. Terra Luna Classic price is set for more than 270% gains amid the bull market, he predicted.

He predicted a target price of $0.00058 in the bull run. He believes next bullish breakout to take prices on a monumental run due to the formation of a bull pennant pattern in the long timeline. He expects a breakout coming in mid-April, which coincides with the Bitcoin halving, for LUNC price to move towards the $0.0005 level.

LUNC has the next major resistance at the $0.0002 psychological level. LUNC price has already hit a high of $0.000255 in early March and the community expects a retest of the level again amid the bull market. The $0.000125 remains a major support.

Terra Luna Classic (LUNC) price is currently trading at $0.000132, above the support level. The 24-hour low and high are $0.0001319 and $0.0001372, respectively.

Moreover, LUNC and 1000LUNC futures open interests have been rising in the last few hours, indicating a recovery in the price. In the last 4 hours, futures OI has increased by 2%. The futures and spot traders to provide enough support for the further upside momentum during a broader crypto market recovery.

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Varinder Singh

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