Over 35% of the price of Terra Classic (LUNC) has increased in the last twenty-four hours. The acceptance of the South Korean government’s request for Interpol to issue an international arrest warrant for Do Kwon came before this gathering.
The creator of Terra is accused of breaking the legislation on the financial markets by the South Korean prosecutor’s office. An inquiry into the failure of the Terra blockchain and potential fraudulent transactions has been added to this.
Do Kwon had gone to Singapore after the blockchain crash, but local officials say he is no longer there. Do Kwon said on Twitter (NYSE:TWTR) that he would comply with all regulatory bodies worldwide, which is challenging given that it is unclear where he is.
The community-requested cremation program went into effect last week, with a 1.2% transaction charge.
TerRarity.io figures show that in the first week, the tax eliminated 1.46 billion LUNCs from circulation. The ability to cut the quantity of tokens in circulation by 1 trillion each year is still up in the air.
In any event, the news that Binance has said it would take part in the incineration tax has caused the price to respond favorably. The depletion of the token stock is further accelerated by the fact that it is the cryptocurrency exchange with the biggest amount of LUNC transactions.
LETS GO! #LUNC $LUNC pic.twitter.com/RVOJseUU0k
— Terra luna classic 🌕 (@terrlunaclassic) September 26, 2022
Technical course markers for Terra Classic (LUC)
Support was provided well by the psychological level of $0.0002000 and the 78.6% Fibo retracement at $0.0001921. From then, an upward movement began, and it quickly overcame the barrier of the 61.8% Fibonacci retracement of $0.0002775.
A daily closing above this level would allow the rally to continue reaching the $0.0003375 mark of the 50% Fibo retracement. Beyond there, there is further possibility for rises as one approaches the $0.0003975 38.2% Fibo retracement.
Expect a fall towards the most recent low of $0.0001814 if the bulls are unable to successfully overcome the 61.8% Fibo retracement.