Amid dropping to the 77th position on Coinmarketcap’s crypto project ranking by market capitalization, Terra Classic (LUNC) price showcased some momentum in recent days, rebounding 10% from a recent low. At the time of writing, the market cap of LUNC is $527,587,917 according to Coinmarketcap data.
Per analysis, the price action of LUNC seems to be changing from a prolonged downtrend to an uptrend in a short-term perspective as seen by the double-bottom pattern formation on the 4-hour LUNC/USDT chart.
Read Also: LUNC to $1? Staked Terra Classic Tokens about to Hit 1 Trillion Milestone
Notably, the crypto asset’s price which fell to the $0.000082 level on Monday rebounded sharply to the $0.00009 level in a matter of hours with signs of rising further.
This mild rally was recorded shortly after an update that famous crypto company Jump Trading and its CEO have been hit with a new lawsuit by a certain user Taewoo Kim, who claims the company contributed to the historic fall of TerraClassicUSD (USTC), formerly TerraUSD in May 2022.
“Jump Trading faces lawsuit over alleged $1.3B profit from TerraUSD. Plaintiff Taewoo Kim is accusing Jump and its CEO, Kanav Kariya, of violating the Commodity Exchange Act, Commodity Futures Trading Commission regulations, and of common law unjust enrichment,” WingInsights wrote.
Read Also: Terra Classic (LUNC) To Drop Over 81% If This Happens: Former Terra Rebel Member
Should the recent buying pressure of the Terra Classic native token increase, LUNC could overcome the resistances seen at $0.00009357 and $0.00009661 to chase the $0.0001 price point.
On the other hand, the embattled token is predicted to drop to $0.00008633 and $0.00007977 if the bears get to overpower the bulls.
It bears noting that the hopeful Terra Classic community is massively burning and staking LUNC in a bid to drive the value of the asset further up. As published, the community is on the verge of hitting the 1 trillion milestone for total staked LUNC. Accordingly, LUNC is up over 8% in the last 7 days.
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