By Bitcoinist - 4 months ago - Reading Time: 2 minutes
Terra Classic Price Climbs 77% Amid Do Kwon Extradition Drama
Following Do Kwon’s arrest in Montenegro and subsequent legal issues, the price of Terra Classic (LUNC) demonstrated its durability.
Do Kwon’s legal representatives will not be able to stop his extradition to the United States. To be more precise, the attorneys had challenged a ruling from late November that permitted this kind of transfer.
In the aftermath of the arrest, Terra Classic (LUNC) held its ground with a sustained 77% increase in the last seven days, data from Coingecko shows.
LUNC Resilience Amid Legal Woes: Kwon Faces Extradition For TerraUSD Manipulation
Despite a losing 3.4% in the last 24 hours following the news, LUNC was able to brush off the negative vibes surrounding Kwon’s legal nightmares.
A Wall Street Journal report claims that a senior Montenegrin judicial official has personally confirmed Kwon’s extradition. The defunct cryptocurrency entrepreneur is accused of manipulating the TerraUSD stablecoin.
His dishonest supervision caused a $40 billion market catastrophe, which has American and South Korean prosecutors itching for a case. For “orchestrating a multibillion-dollar crypto asset securities scheme,” the US Securities and Exchange Commission filed charges against him in February.
Over the previous few weeks, LUNC’s price has been heading north. After the UST/Luna collapse and the creation of a new Terra chain, the cryptocurrency—which is the original Terra LUNA coin that remained—has, at least, been showing optimistic tendencies for the last three months.
The spectacular weekly rise of the Terra Classic token indicates that it has made significant gains in the last several days, outpacing the overall cryptocurrency market. It has gained more than 200% in the last 30 days, giving investors significant gains.
Terra Classic Surges On Ecosystem Boost And Binance Token Burn
The community’s adoption of a strategic proposal to promote the ecosystem’s tokens, TerraClassicUSD (USTC) and LUNC, as previously reported, increased interest in the token and caused a noteworthy surge. Because it burnt more LUNC tokens, Binance also had a part in the increase.
Due to a comeback surge that has seen the cryptocurrency shed a zero, LUNC is up about 60% for the month. Though LUNC was overbought, the $0.00011495 resistance level has capped the altcoin’s upside potential, and bulls are currently planning for the next break attempt.
If there is more purchasing pressure above the current levels, the price of LUNC might extend and attempt to break through the previously mentioned barrier once more, possibly reaching the equal highs at $0.00011495.
Gains can, in a very optimistic scenario, allow the price to challenge the psychological barrier of $0.00012000 and, in a very bullish scenario, reach the $0.00013000 level. This would represent a 30% increase over the present levels.
Meanwhile, proponents of LUNC are waiting for additional information on the drama surrounding Kwon’s extradition to see if it will hurt the token’s value and cause it to decline, or if it will help it increase its weekly gains in the extremely volatile world of cryptocurrencies.
Featured image from Shutterstock
Original source: Bitcoinist