The crypto town has been in a quagmire for a brief period of time, which now feels like an eternity. The torments left behind by factors like global recession, 3AC and Celsius-like crisis, have left the industry engulfed by fear and panic. Successively, the market capitalisation of the business and exchange rates of cryptocurrencies have borne the brunt.
On the other hand, crypto-assets like Terra (LUNA) have been fighting their own battle, alongside the market-wide crisis. While marketers are still concerned about the happenings around LUNA. A number of thesis and analyses have been sprouting, which are taking a toll on investors. Who are now bothered about its future prospects amidst the growing turmoil.
Are Investors Still Hung On LUNC Over LUNA?
As previously said, numerous stories, theories, assumptions, and analyses have been piling up. Ever since the fall of Terra (LUNA) now Terra Classic (LUNC) and the UST. While a piece of recent news over transactions related to the UST implosion did invite panic and negative criticism. However, the thesis was refuted by Binance CEO CZ and Luna validator LUNC DAO.
CZ through his official Twitter handle confirmed that based on their analysis, the report is wrong. The industry proponent further pointed out that Cunningham’s law. The address does not seem to belong to Terra. That said, investors still are curious about what really happened with Terra and what went wrong.
Successively, the partisan believes that, while there were mistakes committed. Howbeit, the possibility of makers shorting their own token remains bleak. That said, the trade practices of 3rd parties cannot be commented on. While the makers and validators have been fighting against negative criticism, only time could answer to when marketers will stop falling prey to FUD.
Will The Price Of Terra LUNA Sustain The Side Winds?
Leaving the bustle aside, LUNA continues to battle the hardships of the market-wide crisis. The torments in the industry led by factors like global recession, 3AC and the Celsius crisis. Have had a significant impact on the price of LUNA.
The altcoin at the time of press is changing hands at $2.03, with losses of 10.75% over the previous day. While the market capitalisation is hovering around $251,349,090. The volume of trades for the past 24 hours is at $154,257,326. Losing support at current levels will take the price to $1.017, a steep fall from which will land the price at $0.478.
Summing up, Terra LUNA could face torrential assumptions, questions, justifications, and criticism until the heat settles down. That said, the prices would only stabilize once the conditions of the broader market return back to normalcy. Which now seems of a far thought, as it is in dire need of an influx of massive funds.