LUNC Price Record Flash Dump, This Might Be the Reason

Following Do Kwon’s extradition to the United States, the Terra stablecoin collapsed, resulting in a loss of over $60 billion in May 2022. Recently, on February 5, 2024, Do Kwon’s former financial officer, Han Chang-Joon, was extradited to South Korea after completing his prison sentence in Montenegro, as reported by dlnews.  Following this, the price of LUNC suddenly fall from $0.00011 to $0.00010.
Do Kwon’s former financial officer extradition 
Both the co-founder and the former financial officer were arrested at the international Manhunt airport as they attempted to escape with fake documents. However, Han Chang-Joon’s extradition was announced by the Montenegrin police on February 5, 2024. The Montenegrin police stated that 
“Han had been handed over to South Korean authorities so that they can proceed for several criminal offenses that Han has been involved in its financial services investment services, investment and the capital market, which is punishable by life imprisonment in South Korea.” 
Additionally, this piece of extradition decision which police announced is made by the country’s Ministry of Justice. Following the recent extradition of Do Kwon and the ongoing extradition of Han Chang-Joon’s lawyer, Goran Rodic made a statement that “We are still waiting for the decision about Do Kwon following our appeal.”
However, despite the legal actions, it is observed that Terra Classic (LUNC) price has significantly surged by over 11% in the last 24 hours. The reason behind this significant price surge is the ongoing LUNC airdrop and the breakout of the double bottom pattern on a daily time frame. Additionally, there is no link between the LUNC price surge and the extradition of Do Kwon and Han Chang-Joon.
LUNC technical analysis and experts’ view
Currently, LUNC is trading near $0.00010, and in the last 24 hours, it experienced a price surge of over 14% and recently it dumped all of its gains. If we look at the LUNC for the longer period in the last 7 days, it experienced over 13% growth, and in the last 30 days, it faced over a 10% downside momentum.
According to expert technical analysis, LUNC in a 4-hour time frame is consolidating in a tight range between $0.00010 and $0.00011. Examining this consolidation, it is observed that LUNC is finding support at $0.0001 and experiencing resistance at the $0.0001 level, where the 50 Exponential Moving Average (EMA) is also present.
Despite this technical analysis, another expert, Javon Marks, made a post and highlighted that LUNC is currently bullish. However, the basis of Javon’s analysis is price action and RSI (Relative Strength Index).
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