The crypto market has been rocked by the recent SEC lawsuit against Terra Labs. Amidst this legal battle, Terra Classic (LUNC) and Terra (LUNA) have seen significant price fluctuations and increased trading volume. Let’s dive into the details to understand the potential implications for these two tokens.
LUNC: A Resurgence Amidst the Chaos
LUNC has recently experienced a surge in both price and trading volume. The token has gained 4.43% over the past 24 hours, trading at $0.0000919. This surge is particularly noteworthy given the recent consolidation phase. The increased trading volume of 140.46% further indicates heightened market interest.
Read more:Luna Classic’s Burning Ambition: Can LUNC Rise from the Ashes?
Key Levels to Watch for LUNC
- Support: $0.000094 has proven to be a reliable support level, preventing sharper declines in the past.
- Resistance: $0.000098 is a critical resistance level that LUNC needs to break to continue its upward momentum. A successful breakout could lead to a potential test of the $0.00010 psychological resistance level.
LUNA: A Cautious Optimism
LUNA has also shown signs of life, rising 1.78% over the past 24 hours to trade at $0.3596. The significant increase in trading volume, up by 93.03%, suggests increased market activity and potential price volatility.
Read more:LUNC’s Phoenix Rise: Can Luna Classic Soar Again?
Key Levels to Watch for LUNA
- Support: $0.3532 and $0.345 are key support levels that could prevent further downward movement.
- Resistance: $0.360 is a crucial resistance level that LUNA needs to break to continue its upward trend. A successful breakout could lead to a potential test of the $0.365 level.
Technical Indicators: A Double-Edged Sword
The high trading volume-to-market cap ratio for both LUNC (9.75%) and LUNA (15.83%) indicates strong market interest and potential volatility. While increased volume can fuel price momentum, it can also lead to sharp price swings in either direction.
Read more:Terra Luna Classic’s $50M Cost-Cutting Revolution!
The Road Ahead
The future of LUNC and LUNA remains uncertain, especially in light of the SEC lawsuit. However, recent price action and increased trading volume suggest that these tokens still hold significant interest among investors.
It’s crucial to approach these investments with caution and conduct thorough research before making any decisions. While the potential for significant gains exists, the risks associated with cryptocurrencies, particularly those involved in legal battles, should not be underestimated.
