Terra Luna Classic Price Prediction as LUNC Reaches $1 Billion Market Cap – Can LUNC Recover in 2023?

cryptonews.com:

The terra luna classic price has dipped to $0.00016810 today, marking a 1% loss in a day and also a week. LUNC is also down by 6% in a month, with the token hurt by the recent news that the SEC is charging Terraform Labs and CEO Do Kwon with running multi-billion dollar securities fraud.

While the SEC's action doesn't specifically address Terra Luna Classic, LUNC may continue to be hurt by the regulator's case in the short term. However, the cryptocurrency still looks good for the medium and long term, and has recently regained its $1 billion market cap, helped by efforts to re-peg sister stablecoin USTC and burn more LUNC.

LUNC's indicators aren't in a great position right now. Its relative strength index (purple) has dropped below 40 in the past few hours and looks set to fall lower, bringing its price along for the ride.

Likewise, LUNC's 30-day moving average (red) remains below its 200-day average (blue), and could decline further before bottoming out and beginning to recover.

LUNC's support level at the moment appears to be around $0.000166, with the coin testing this support a couple of times today. In each case it bounced back, signalling that, if it's going to fall a little further today, it won't be much further.

As we noted above, things aren't looking great for LUNC at the moment, with the SEC having charged Terraform Labs and Do Kwon with securities fraud.

It's not clear what kind of punishment is in store for Terraform Labs or Do Kwon if the US District Court for the Southern District of New York sides with the SEC. However, any resulting penalty will likely be steep, given the severity of the securities regulator's allegations against the two named parties.

"As alleged in our complaint, the Terraform ecosystem was