Terra Classic (​​LUNC) Price Rallies Over 14% as Do Kwon Avoids US Extradition

• LUNC surges 14.59% in 24 hours, trading vol up 161% amid Do Kwon’s legal twist.
• Terra Classic market cap hits $1.25B, rallying as extradition uncertainty looms.
• Legal developments fuel LUNC’s 101% monthly growth, and investors eye future potential.

Terra Classic (LUNC) price has been on an uptrend following a Montenegro Court ruling against the extradition of Do Kwon to the US. The reversal has sparked a notable rally, propelling the digital asset to significant gains and capturing the attention of the cryptocurrency community.

Twist in Do Kwon’s Legal Saga

Do Kwon, the founder of Terraform Labs, has found himself potentially avoiding extradition to the United States, as per a recent report. This shift is after a Montenegrin court annulled its original decision, choosing to reconsider the case and render a new judgment.

Kwon, who had strongly resisted the extradition, alleging the accusations linked to the collapse of the Terra ecosystem, is still in Montenegro confinement due to a four-month sentence for using falsified documents. The situation represents a pivotal moment for Kwon as he awaits further legal consideration of extradition applications from the U.S. and South Korea.

LUNC’s Meteoric Rise Amid Legal Developments

At the same time, the LUNC market has responded favorably to these changes. Trading at $0.0002147 today, Terra Classic recorded a trading volume of $862.16M which is up by 161%. The market capitalization rose by 14% to reach $1.25 billion. This is a 14.59% price growth for the last 24 hours and signifies an increased investor’s attention towards this coin. The value of the digital asset is drastically different than its historical price, where its highest price reached $119.01 before crashing to an all-time low after the implosion of the Terra ecosystem.

However, the LUNC price action is met by the market with a combination of bullish and bearish attitudes. With the Fear & Greed Index signaling intense “Greed,” the analyst and traders are watching closely. Concurrently, the rise in the value of LUNC, with 101% growth over the last month, indicates that the market players are quite positive about the future potential of the token, especially when recent legal happenings related to Do Kwon are taken into consideration.

Terra Classic’s Path Forward

The Terra Classic ecosystem is undergoing a transformative phase, supported by community-led proposals and a robust token burn mechanism. Supported by leading cryptocurrency exchanges like Binance, these strategic initiatives aim to streamline the network’s functionality and reduce LUNC’s total supply. 

As Terra Classic aims for higher price points, resistance at the intra-day high of $0.00002522 poses a significant hurdle. Surpassing this level could pave the way for LUNC to reach new heights, while a failure might result in a consolidation phase, offering investors an opportunity for accumulation.

LUNC/USD Technical Analysis

Despite being on a bullish surge, LUNC’s momentum may be decreasing, with the Relative Strength Index (RSI) at 83.88. This rating indicates that LUNC may be overbought and due for a correction shortly. As a result, investors should exercise care and consider taking profits or applying risk management methods to protect against a possible drop in LUNC’s price.

Furthermore, on the 4-hour price chart, the RSI has fallen below its signal line, indicating a likely shift in momentum toward bearishness. This could indicate that traders should keep a close eye on LUNC’s price activity for any signs of a reversal.

LUNC’s Moving Average Convergence Divergence (MACD) rating at 0.00002122 and an upward movement imply that there is still some possible bullish run in its price. In addition, the MACD histogram indicates a positive momentum, which signals that an uptrend will go on.