The Terra Classic (LUNC) coin was unable to halt its previous long downward rally and fell precipitously around the $0.000221 mark. Terra Classic is one of the few major cryptocurrencies that did not gain traction in the previous month.

The reason for its recent downward rally, however, could be attributed to the recent filing of another lawsuit against Do Kwon, the co-founder of Terraform Labs.

Another factor that could prevent Terra Luna from gaining traction is the Federal Open Meeting Committee meeting, which has announced another 75 basis point rate hike, reducing investor confidence in risky assets such as cryptocurrencies.

Meanwhile, the collapse of several platforms in the previous year was viewed as another significant factor that kept the Terra Luna coin down, and regulators are currently tightening their grip on the cryptocurrency sector as a result.

In contrast, the positive crypto market, supported by a combination of factors, was viewed as one of the key factors that may help the Terra Luna coin limit its further losses.

The current Terra Classic price is $0.000221 with a 24-hour trading volume of $314 million. Terra Classic has dropped by more than 8% in the last 24 hours.

Terra is now ranked #36 on the market, with a market capitalization of $1.4 billion in real-time. The total number of LUNC coins in circulation is 6,590,540,703,117.

There are a few Important factors that could be linked to the LUNC's ongoing bearish rally. One of these reasons is the ongoing legal action against Do Kwon, Terraform Labs' co-founder. Kwon is now being sued in Singapore in a $57 million class action suit.

According to the complaint, the TerraUSD (UST) stablecoin failed to maintain its 1:1 peg as a store of value following the