Terra Classic’s Retracement Reaches Crucial Demand Zone, Offering Potential Support for Bulls Unless BTC Falls Below $27,000.
LUNC’s Prolonged Downtrend Tests Crucial Support at Approximately $0.000060. The Futures Market Exhibited a Bearish Outlook as of the Latest Update.
Following a remarkable rebound in late September, the cryptocurrency market experienced a rapid correction as Bitcoin (BTC) slipped below the $28,000 mark. Notably, Terra Classic (LUNC) witnessed a decline of over 10% from its recent gains, ultimately reaching a pivotal demand zone.
As of the most recent update, BTC was hovering around the mid-range, approximately at $27,100, with an attempt to surpass the $27,500 threshold. If BTC manages to retarget the upper end of the range, which stands at $28,300, there is potential for LUNC to extend its recovery starting from this critical demand zone.

Towards the end of September, a noticeable price rejection occurred within the H12 bearish order block (OB) ranging from $0.00006463 to $0.00006805 (indicated in red). This rejection served as confirmation that sellers held the potential to devalue the asset. The bearish OB had maintained its stability since late August, establishing itself as a critical short-term supply area.
Subsequently, the ensuing reversal led to a significant drop of over 10%, causing LUNC’s price to plummet from above $0.0000650 to a crucial demand zone and the weekly bullish OB, situated between $0.00005557 and $0.00006022 (depicted in cyan).
However, the extent of this drop within the demand zone could potentially alleviate if Bitcoin (BTC) does not incur further losses and remains above the $27,000 mark. Under such circumstances, LUNC could mount a recovery and target the supply area around $0.0000650 once more.
In the meantime, the Relative Strength Index (RSI) retreated into the oversold zone, showing no immediate signs of a reversal at the time of this update. This indicated that selling pressure had intensified over the past few days. Additionally, the dip in the On-Balance Volume (OBV) confirmed a decline in demand within the spot market during the same period.
The Futures market was exhibiting a bearish sentiment at the time of this update.

Despite the potential for a reversal at the demand zone, it’s important to note that the Futures market was firmly in a bearish stance at the time of writing. Notably, the Open Interest rates declined from over $2.4 million to below $2.0 million between October 28 and the time of this update on October 4 during the Asian afternoon trading session.
This drop in Open Interest rates highlights a decrease in demand within the Futures market, indicating a prevailing bearish sentiment. Additionally, the continuous decline in Cumulative Volume Delta (CVD) further reinforces the sellers’ dominance over the past few days.
Therefore, closely monitoring Bitcoin’s price movements is essential for gaining better insight into LUNC’s potential direction in the near future.
*Disclaimer:
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#Terraclassic #LUNC $LUNC

CryptosHeadlines.com - The Leading Crypto Research Network

The SEC has escalated its legal dispute with Terraform Labs and Do Kwon by requesting to depose Kwon, who is presently in Montenegro. This legal battle involves complex cross-border legal strategies and could have significant ramifications for Terra (LUNA) and the broader cryptocurrency ecosystem.
The ongoing legal drama between blockchain companies and regulatory authorities has entered a new phase, as the Securities and Exchange Commission (SEC) initiates a strong legal move against Terraform Labs PTE LTD and its leader, Do Hyeong Kwon.In a recent filing with the United States District Court in the Southern District of New York, the SEC has expressed its intent to either depose Kwon, who is currently in Montenegro, or prevent the defendants from using a declaration from Kwon in their summary judgment. This legal battle is unfolding with high stakes.

Blockchain Meets International Legal Challenges
The SEC’s recent move into the blockchain arena reflects a cross-border legal strategy aimed at holding Terraform Labs and its leader, Kwon, accountable. This regulatory effort seeks to establish new legal precedents in the rapidly evolving blockchain landscape.
The detailed legal document submitted by the SEC requests court approval to either depose Kwon or prevent the defendants from using Kwon’s statement in summary judgment proceedings. The filing outlines a roadmap for upcoming legal proceedings, with a response deadline set for September 26, 2023.
In this unfolding legal drama, cryptocurrencies like Terra (LUNA) are caught in a suspenseful narrative. The ongoing legal battle between regulatory authorities and crypto innovators like Do Kwon underscores the growing tension between cutting-edge digital financial systems and existing regulatory frameworks.As the story unfolds, it sheds light on the complexities of blockchain jurisprudence, highlighting the intricate web of regulatory, technological, and international factors. The SEC’s move to engage with Kwon across international borders demonstrates the far-reaching impact and broad regulatory scope within the digital asset realm. Each legal action in this unfolding drama plays a significant role in the broader discussion about blockchain regulation and the regulatory future of the cryptocurrency sector.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#Bitcoin #CryptoNews #Terraclassic #LUNC #SEC

Do Kwon, the former CEO of Terraform Labs, is stuck in Montenegro because extradition is taking longer than expected. This comes after accusations by the U.S. Securities and Exchange Commission (SEC) of running a huge fraudulent crypto scheme.
Cryptos Headlines Token Airdrop Is Live, Claim Instant 5000 CHT Tokens Worth Of $50 Free On CryptosHeadlinesToken.com

Last year, the SEC claimed that Terraform and Kwon’s actions caused over $40 billion in losses for investors, especially those in the U.S.

Do Kwon’s Extradition Delay
Procedural Errors and Complexity: Legal representatives of Do Kwon provided an update on his extradition process from Montenegro in a recent court filing. The filing highlighted a longer-than-anticipated delay due to procedural errors by the High Court. These errors have complicated an already intricate extradition process, initially hindered by Kwon’s use of fake passports at a Montenegrin airport, leading to his current predicament.
Allegations by the SEC: In February 2023, the SEC filed a case against Terraform Labs and Do Kwon, alleging that the company offered and sold crypto asset securities without proper registration, resulting in significant financial losses. Kwon and Terraform are accused of defrauding investors, including both retail and institutional participants in the United States.
Summary Extradition Process: As part of the extradition proceedings, Kwon agreed to the “summary” process for his extradition to either the United States or South Korea, both of which have requested his handover. Despite his consent, the expected timeline for resolution has been extended. The latest updates suggest that Kwon may not be extradited before the end of March 2024.
Also Read:   Nearly Half of Big Crypto Giveaways Peak in 14 Days: CoinGecko
Doubts About Kwon’s Ability to Attend Trial
The delay in Do Kwon’s extradition raises doubts about his ability to attend the trial scheduled to begin on March 25, 2024. Despite the uncertainty, Kwon’s legal team has informed the court that they do not plan to request an adjournment of the trial date, even if their client is unable to attend. This decision follows the SEC’s appeal to a Delaware bankruptcy court for oversight of Terraform Labs’ financial dealings with its attorneys, prompted by concerns raised.

Cryptos Headlines Token Airdrop Is Live, Claim Instant 5000 CHT Tokens Worth Of $50 Free On CryptosHeadlinesToken.com

The focal point of concern is a substantial $166 million transaction to Dentons U.S. LLC, which the SEC suspects may have been improperly diverted from funds owed to creditors. In his latest statement, Kwon indicated that his participation in the trial at the end of March depends on the swift resolution of his situation by the Montenegrin High Court.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Cryptos Headlines Token Airdrop Is Live, Claim Instant 5000 CHT Tokens Worth Of $50 Free On CryptosHeadlinesToken.com

#Terraclassic #Terraform #Bitcoin #Altcoin #Cryptocurrency

On March 3, 2024, @_classiccrypto, a crypto analyst, tweeted that he expects another significant move from LUNC in the coming hours. He based his prediction on two technical indicators: RSI and a flag pattern formation.
Cryptos Headlines Token Airdrop Is Live, Claim Instant 5000 CHT Tokens Worth Of $50 Free On CryptosHeadlinesToken.com

The RSI is a technical tool used to gauge an asset’s strength by comparing the average gains and losses of its closing prices over a specific period. A reading of 70 or higher suggests the asset is overbought, while a reading of 30 or lower indicates overselling.

Analyzing Terra Classic’s Potential Breakout
In a recent tweet, @_classiccrypto observed that the RSI for Terra Classic (LUNC) is at a level similar to before its last significant move, suggesting the digital asset might be oversold and primed for a rebound.

A flag pattern, a continuation pattern following a strong price move, features two parallel trendlines connecting highs and lows during price consolidation. The initial move is termed the flagpole, while the consolidation phase is the flag itself. @_classiccrypto notes LUNC is forming a flag pattern with a tightening range, hinting at a potential breakout.
While technical analysis offers insights, it’s not infallible in predicting asset price movements. The analyst’s forecast is based on these technical indicators, but various other factors, including events, regulations, and sentiment, can influence prices. Investors should conduct thorough research before making investment decisions.
Also Read:   Litecoin's Price Boom: Is $100 on the Horizon?
Reviving Terra: The Emergence of LUNC
LUNC serves as the native token of the Terra Classic blockchain, previously recognized as Terra. Within this ecosystem, various decentralized applications (dApps) operated, notably featuring the algorithmic stablecoin TerraUSD (USTC).

Cryptos Headlines Token Airdrop Is Live, Claim Instant 5000 CHT Tokens Worth Of $50 Free On CryptosHeadlinesToken.com

In May 2022, USTC experienced a loss in its peg to the US dollar. This event sparked a bank run on the Terra blockchain, resulting in the ecosystem’s collapse.
To rejuvenate the project, the Terra community voted to undertake a hard fork of the blockchain. This transformative action birthed a new iteration of Terra known as LUNC, aiming to pave the way for the blockchain’s revival.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Cryptos Headlines Token Airdrop Is Live, Claim Instant 5000 CHT Tokens Worth Of $50 Free On CryptosHeadlinesToken.com

#Terraclassic #LUNC #Bitcoin #Altcoin #Cryptocurrency $LUNC $USTC