LUNC Price: Understanding Terra Classic’s Bearish Case Ahead of SEC-TFL Settlement

LUNC Price: In a widespread market crash, Terra price plummeted by 19% in a single day on June 8, closing below a crucial market structure. This significant drop occurred just days before the TFL-SEC memorandum was submitted to the court. 

The price of LUNC traded around $0.0001038 during European business hours on Tuesday, a 3.2% drop in 24 hours and a further 11.8% decrease in 7 days.

LUNC Price: Huge Week Ahead for Terra Classic May Wade Off Bears Onslaught

LUNC price has been in an ascending channel for the past 56 days. It recently broke downward from the channel in a 20% move following the market-wide crash instigated by Bitcoin. On a macro scale, LUNC has been in a gigantic descending triangle for the past 197 days and is approaching the end of this market structure. The overall market sentiment is ‘Uncertainty’ as the FOMC meeting looms closer. Terra Classic price retested the lower boundary of the channel and is currently headed downward.

LUNC price is also trending below the 50-day and 200-day simple moving averages (SMA), which is bearish for the asset. The Fibonacci indicator shows that Terra’s price may experience a further downside to $0.00009320. However, this price level also sports strong support spanning several months.

LUNC may witness a flurry of buys at this level, as it is a major psychological buy zone reflecting previous lows during the past months. On the journey to the upside, LUNC price may experience some resistance around $0.0001221, $0.0001360, and $0.0001471.

LUNC Price Forecast: Bearish Technicals, Bullish Fundamentals

Terra Classic investors anticipate an eventful week, with key events on June 11 and June 12 potentially impacting the asset’s price action. On June 11, Binance Thailand (TH) will list LUNC and USTC on their platform, opening the Thailand market to LUNC investors and potentially increasing trading volume, which may boost the asset’s price. The LUNC community plans to celebrate this listing with a special event.

Following this, on June 12, the SEC’s lawsuit against Terraform Labs (TFL) may conclude with a settlement, potentially causing price volatility and pushing LUNC’s price upward. This settlement will coincide with the FOMC meeting, where decisions on interest rate changes will be made. We expect these combined factors to significantly influence LUNC’s price this week.

Bottom Line

Terra Classic investors eagerly await June 12. A favorable court outcome could be bullish for LUNC, potentially leading to a price surge. However, other market factors, such as hawkish comments from FOMC officials, might undermine any positive effects from the court case.

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