Terra Classic (LUNC): price explosion of 40% – what happened this time again?

© Reuters – (LUNC) has rebounded more than 35% in the past twenty-four hours. This rally was preceded by Interpol’s acceptance of the South Korean government’s request to issue an international arrest warrant for Do Kwon.

The South Korean prosecutor’s office accuses the founder of having violated the law on the capital markets. Added to this is an investigation related to the collapse of the Terra blockchain and possible fraudulent transactions.

After the blockchain collapse, Do Kwon had traveled to Singapore, where he is no longer according to information from local authorities. On Twitter (NYSE:), Do Kwon announced that he would cooperate with all regulatory authorities around the world, which is however difficult when his whereabouts are unknown.

Last week, the community-requested cremation scheme was activated, with a 1.2% tax levied on each transaction.

According to data from, the tax removed 1.46 billion LUNCs from circulation in the first week. It remains to be seen whether we will be able to reduce the number of tokens in circulation by 1 trillion per year.

The price in any case reacted positively today to the news that Binance has announced that it will participate in the incineration tax. The fact that it is the crypto exchange with the highest volume of LUNC transactions greatly accelerates the reduction of the token stock.

Terra Classic (LUC) technical course markers

The is currently up 37.04% at a price of $0.0003022, while the weekly gain stands at 10.30%.

The 78.6% Fibo retracement at $0.0001921 and the psychological level of $0.0002000 offered good support. From there, an upside move started which already broke above the resistance of the 61.8% Fibo retracement of $0.0002775.Terra Classic (Lunc)

In the event of a daily close above this level, the rally can be extended towards the 50 percent Fibo retracement of $0.0003375. Beyond that, room increases for further gains towards the 38.2% Fibo retracement of $0.0003975.

If the bulls fail to sustainably conquer the 61.8% Fibo retracement, expect a correction towards the recent low of $0.0001814.

By Marco Oehrl

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