Is it Too Late to Buy LUNA? Terra Classic Offshoot Pumps 18% As Gaming Platform Token Presale Tops $100k
Terra (LUNA) is in the midst of a comeback, after disgraced project founder Do Kwon filed court documents on Wednesday that suggested his legal team will fight any attempts at extradition to the United States.
In documents filed with the U.S. District Court for the Southern District of New York, Do Kwon's legal team is opposing any attempt to bring him to the U.S. for testimony - this comes as Kwon is currently detained in Montenegro.
The dramatic twist in the unfurling legal drama has reinvigorated Luna price action, with price action undertaking an impressive +33% in the wake of the document submission on Wednesday.
Following the sudden pump, today Terra is trading in minor localised retracement, with LUNA currently at a market price of $0.51 (representing a 24-hour change of -6.76%).
The upside move came at a moment of technical strengthening for LUNA, with the +30% pump appearing after two days of consolidatory support above the 20DMA.
This critical reclamation of the moving average level comes after more than 60 days of unbreakable resistance from the 20DMA since July 24.
With price action now fighting to consolidate above the $0.50 price level, a well-defended display by LUNA bulls here could poise technical structure for a run up to the gently descendant 200DMA.
But while Terra's technical structure is looking good, the RSI is ringing the alarm, with significant overbought divergence at 69.32 indicating an imminent need for retracement (which could see LUNA return to $0.475.
The MACD on the other-hand continues to reflect the increased momentum, with the indicator now reading at 0.0182.
Overall then, the upside move has poised LUNA, but the real test will be in whether Terra can stabilize at this level following the
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