The crypto world is being shocked by the price surge of LUNA by 38% in a short time. This price increase is believed to be related to the latest developments in the legal saga of Do Kwon, the founder of Terraform Labs.
The good news comes after the Montenegrin Court of Appeal overturned an earlier decision, which had the potential to halt Do Kwon's extradition to the United States. This legal victory comes at a crucial time, after Kwon previously faced charges related to the collapse of the Terra ecosystem.
The Montenegrin court's decision to reschedule the extradition hearing was an important turning point. This indicates that there are procedural complications in the extradition requests submitted by the United States and South Korea.
Positive Market Response to Legal Developments
Along with the drama in the courtroom, LUNA price shows dynamic movements. After moving in a narrow range, this token experienced a price spike of up to 25%, followed by a period of consolidation.
However, the surprise came when the price of #luna skyrocketed again by 91.11% in a matter of hours, before experiencing a correction of 32.8%. This price rollercoaster eventually stabilized in the $1.0405 to $1.2140 range, indicating a cooling off period after the volatile move.
Technical Analysis #LUNA and Future Expectations
Technical analysis using the Moving Average Convergence Divergence (MACD) indicator shows an optimistic picture for LUNA. A consistent green histogram signals a bullish trend, indicating the dominance of buying pressure over selling pressure in the market.
If market momentum pushes LUNA beyond the critical resistance level of $1.214, we may see a new bullish rally leading to $1.55. Conversely, a drop in price could see LUNA return to its lowest level, depending on market conditions.
Additionally, the Terra Classic token, LUNC, also saw its price increase by 10.46% in the last 24 hours to $0.0002087. This increase increases the enthusiasm of crypto asset holders regarding the Terra ecosystem.
Additional news: Do Kwon is reportedly planning to repeg USTC (formerly known as TerraUSD) in the near future. This is another good news for the future of the Terra ecosystem.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Always do your own research before making an investment decision.
Source : https://www.ethnews.com/terras-luna-soars-do-kwons-legal-appeal-boosts-price-by-40/
