These unstable market conditions have caused LUNC to drop significantly to $0.00013, a far cry from its recent highs.
Amid this bearish trend of LUNC and high expected volatility due to upcoming fundamental events leads to the following question: Can Terra Luna Classic recover?
Crucial Week for Terra Luna Classic Amid Legal Troubles and Chain Upgrade
The Luna ecosystem has two crucial events coming up on March 25, the most notable being the hearing between Terraform Labs and the US Securities and Exchange Commission (SEC).
Do Kwon, who is the subject of the hearing, will not be personally present in court as he is still in Montenegro and will be represented by his lawyer: Goran Rodic.
According to Rodic, Kwon will be extradited to South Korea after March 23, as decided by a Montenegrin court. This comes after US authorities objected to the cancellation of Kwon’s extradition to the US. The outcome of this objection is awaited.
Authorities have been chasing Kwon since Terra collapsed in mid-2022, when Terra’s collapse caused billions of dollars of investor money to evaporate. Kwon had fled to Montenegro but was later arrested for possession of forged documents.
In addition to the news about Kwon, the upgrade of the Terra Classic chain will also take place on the same day. This follows a unanimous approval of the upgrade proposal v2.4.2, intended to introduce IBC-Hooks to facilitate the onboarding of decentralized applications (dApps) on the Terra Luna Classic network.
With support from both validators and community members, March 25 will be pivotal for LUNC, LUNA and USTC. The hype surrounding the event has caught the attention of Singapore-based crypto futures trading platform WEEX, which announced the listing of LUNC spot and futures pairs.
Price forecast LUNC
LUNC price has fallen 32% after rejecting strong resistance, with technical indicators pointing to a continued decline. Check out the position of the Relative Strength Index (RSI) below the midline of 50, which indicates weak price strength. The Awesome Oscillator (AO) has also turned negative, indicating a bearish takeover.
Increased selling pressure could push Terra Classic’s price further down to $0.00009170. Such a move would represent a 30% drop below current levels.
On the other hand, a return of the bulls could see the LUNC price recover. A decisive candlestick close above the supplier congestion level would signal a potential rally. This could push the LUNC price further higher, possibly to the $0.00025000 threshold.
Kan LUNC Herstellen?
The recent price drop of Terra Luna Classic (LUNC), with a significant fall of 32%, raises questions about the coin’s ability to recover. Despite the general market volatility and the Do Kwon lawsuit, LUNC continues to develop by upgrading its chain.
In short, if LUNC takes the right strategic steps, there is a real chance of a strong comeback in the crypto market, where it could even regain a top 10 position in terms of market capitalization. In addition, there are currently other options in the market that show more potential.
Green Bitcoin (GBTC)
Let’s take a look at Green Bitcoin (GBTC), an eco-friendly alternative to Bitcoin that uses the Ethereum blockchain to provide investors with passive rewards in an efficient and sustainable way.
Staking GBTC allows you to passively earn additional tokens. But if you can predict the price of Bitcoin, you can earn even higher rewards. As an investor, you can choose between a normal staking method or the predict-and-earn model, which allows you to earn even more.
You can buy Green Bitcoin for $1.10 during the presale, where you can stake during this period for an annualized return (APY) of 89%. The presale has already raised $6.8 million and will sell out soon. After launching on its first exchange, GBTC could explode in value.
Dogecoin20 (DOGE20)
Dogecoin20 (DOGE20), an alternative to Dogecoin (DOGE), the most famous meme coin that has shown little activity in the past year. In the past month, DOGE is only up +50%, while other meme coins have seen massive growth. Dogecoin20 combines the strengths of Dogecoin and provides a solution to DOGE’s lack of usability.
Staking DOGE20 allows you to passively earn additional tokens, while Dogecoin uses the energy-intensive Proof-of-Work (mining) mechanism. Dogecoin20 has been building its community and is quickly becoming popular, despite the meme coin having launched less than a week ago.
Thought #DOGE20 was cute? You thought wrong… 😏#Memecoins #Altcoins #PEPE #Memes pic.twitter.com/sFfsM69w29
— Dogecoin20 (@DOGE_COIN20) March 20, 2024
You can purchase Dogecoin20 during the presale for $0.0002 per token, with the option to stake during this phase for an annualized return (APY) of 246%. In its first week, DOGE20 has already raised more than $3.5 million, indicating that the new meme coin is quickly becoming popular and will quickly increase in value after launch.
Bitcoin Minetrix (BTC.MTX)
Bitcoin Minetrix offers an innovative method for crypto investors to mine Bitcoins without their own mining hardware or extensive technical knowledge. This is made possible by their BTCMTX token, which operates on the Ethereum network.
The distinguishing feature of Bitcoin Minetrix is its ‘Stake-to-Mine’ mechanism. By staking BTCMTX tokens, users can earn additional tokens and so-called mining credits. These credits are tokenized mining rights, which can be exchanged for free hashing power to mine Bitcoin.
Bitcoin Minetrix, currently valued at $0.0141 per token, has announced the end of the stage; which means the price will continue to rise. This innovative model makes Bitcoin mining more accessible than ever before, which has contributed to the success of Bitcoin Minetrix, which has already raised more than $12.4 million during its presale.
Disclaimer: This article contains insights from independent authors and is not part of BitcoinMagazine.nl’s editorial content. This is not investment advice, please do your own research.
Source: https://bitcoinmagazine.nl/nieuws/crypto-expert-voorspelt-lunc-crypto-crash-na-sec-hoorzitting
