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Terra Luna Classic Price Prediction: LUNC to Hit $3 in Next Bull Market?

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Terra Luna Classic Price Chart – Source: Tradingview

The Terra Luna Classic price prediction is bullish, as the LUNC/USD pair has gained support at $0.000169, a support level extended by an upward trendline. This price action comes after a South Korean judge has thrown out an arrest warrant for associates of Terra (LUNA) founder Do Kwon.

Yonhap News reported that Seoul Southern District Court Chief Warrant Judge Hong Jin-Pyo had withdrawn the arrest order for Terraform Labs co-founder Shin Hyun-seong and other collaborators of Kwon. The judge believed that there was “little risk” that Shin or the Terra associates would destroy evidence related to the case against the crypto firm.

The news comes as a relief for Terra Luna Classic investors, who had been concerned about the potential impact of the arrest warrants on the crypto firm and its price. 

According to the article, Terra co-founder Do Kwon is unlikely to return to South Korea because of the legal proceedings he faces there.

Despite the fact that many cryptocurrency investors hold Kwon personally responsible for their losses and the present bear market, he has remained active on social media since Terra’s demise. The Terra co-founder stated in September that he was “making zero efforts to hide” from law enforcement. 

He even appeared on a live podcast where he and the notorious hedge fund manager and pharmaceutical executive Martin Shkreli discussed FTX and Shkreli’s time behind bars. 

As a result of this being interpreted as a positive event for LUNC investors, Terra Classic (LUNC) experienced a minor price increase.

Terra Luna Classic Price Prediction

Terra Classic’s current price is $0.000173, with a 24-hour trading volume of $80 million. Terra Classic has fallen by around 1.5% in the past 24 hours. 

Terra Classic (LUNC) Price & Tokenomics – Source: Coinmarketcap

On the daily timeframe, the LUNC/USD pair has recovered above the $0.00014 support level, which has been extended by an upward trendline.

After breaking through the $0.00016 resistance, the LUNC price is now facing resistance at the $0.00021 level.

Terra Luna Classic Price Chart – Source: Tradingview

The RSI and MACD indicators are currently in a neutral position, with the RSI showing a downward trend and the MACD showing a positive trend. However, if LUNC is able to break above the 50-day moving average at $0.00022, it could lead to higher prices in the short and medium term.

If the overall market turns bullish, then it is possible that LUNC could reach $3 in the next bull market. However, this may be a few months away at the very least.

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