As Terra Luna Classic (LUNC) experiences a 10% rebound from its recent lows, the crypto community is buzzing with anticipation. The key question on everyone’s mind is: Can LUNC reach the coveted $1 mark in 2023? This update delves into the Terra Luna Classic price predictions, examining the various factors that could influence its trajectory in the near to mid-term future. From market trends and technological developments to wider economic influences, we will explore the potential paths for LUNC’s price growth in the exciting and often unpredictable world of cryptocurrency.
Jump Trading Accused of Making $1.3B Profit from TerraUSD in Recent Lawsuit
Court documents filed in Illinois detail allegations of collusion between Jump Trading and Terraform Labs to artificially inflate the price of TerraUSD (UST), an algorithmic stablecoin that ultimately failed to gain traction. According to court filings filed on May 9, the company purchased millions of UST tokens in 2021 with the goal of artificially inflating the token’s value to $1.
Taewoo Kim, the plaintiff in this case, alleges that Jump and its CEO, Kanav Kariya, committed violations of the Commodity Exchange Act, CFTC regulations, and common law unjust enrichment. According to the complaint, Jump Trading was an early backer and partner of Terraform Labs. Jump has signed multiple contracts with Terraform and its subsidiaries from November 2019 through September 2020 to “borrow tens of millions of [Terra] LUNA tokens” and “supply market-making services for transactions in LUNA, UST, and aUST.” These deals gave Jump Trading “the chance to acquire LUNA tokens at a significantly reduced price, which could then be sold back into the market to boost Jump’s own profit.”
The legal allegations against Jump Trading and Terraform Labs could significantly impact the price of Terra Luna Classic (LUNC). The lawsuit brings into question the legitimacy of the practices used in the trading and market-making of LUNC tokens, potentially leading to a loss of trust among investors. It’s also worth considering that the news of the lawsuit could cause panic selling among LUNC holders, leading to a drop in the token’s price. However, it’s important to note that these are potential scenarios, and the actual impact will depend on several factors including the outcome of the lawsuit, market sentiment, and the broader state of the crypto market.
Terra Luna Classic Price Prediction
The current price of Terra Classic stands at $0.000090, with a trading volume of $30,541,882 over the past 24 hours. The token has seen a slight uptick of around 1.50% in the last day.
As per CoinMarketCap, Terra Classic holds the 79th position in terms of market capitalization, which currently sits at approximately $530,582,613.
From a technical perspective, the LUNC/USD pair is anticipated to find immediate support near the $0.000086 level. Conversely, on the upside, the LUNC/USD pair is expected to confront immediate resistance near the $0.000093 level. Further on the higher side, an additional bullish breakout of this level can expose LUNC towards $0.000096, a level that marks a 61.8% Fibonacci retracement. On the downside, the LUNC/USD pair could potentially find immediate support near $0.000086, and a dip below this level could potentially pull the LUNC price down toward the $0.00008218 or $0.000079 mark.
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Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.