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.
LUNA Price Analysis: Will Do Kwon Legal Fight Flip Terra Bullish Like XRP?
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 dramatic leap.
To the upside, LUNA is targeting a move towards the 200DMA at $0.75 (a potential +43.5%).
While downside risk here could see LUNA tumble back to $0.475 (a possible -9%).
Terra’s risk: reward ratio is therefore 4.79 – a strong entry that could ride high on the short-time frame if market confidence in LUNA continues to rebuild.
But while LUNA bulls trade on the fate of Do Kwon, smart money have already began rotating capital into an emerging meme-based GambleFi project with substantial upside potential.
Meme Kombat: GambleFi Takes Crypto Communities By Storm – Potential 10X?
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there’s no shortage of action, and Season 2 is already on the horizon for December 2023.
The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable – every battle is a new experience, ensuring players stay engaged.
GambleFi Revolution? Meme Kombat Gamifies Staking, Rewards, and More
The project isn’t just about excitement; it’s built on a foundation of trust – Meme Kombat’s commitment to transparency is evident through initiatives like the impending security audit of their smart contract.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His experience spanning two decades in process design, combined with his position as the COO of North Technologies, adds credibility to Meme Kombat.
When so many projects hide behind the veil of anonymity, Whiteman’s open profile and the project’s physical address in Amsterdam offer an extra layer of trustworthiness.
The tokenomics of Meme Kombat is also an appealing factor for potential investors – Stake the Meme Kombat ($MK) token, priced attractively at $1.667, and dive into a rewarding ecosystem.
With a generous APY of 112%, stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena – this dual functionality – earning while gaming – sets Meme Kombat apart.
Intriguingly, engagement on the platform directly influences the income one can earn, so, the more you participate, the more you stand to gain.
With the GambleFi industry booming following coins like Rollbit, Meme Kombat seems poised to tap into this lucrative market with its innovative approach.
By merging memes, gaming, and blockchain, the platform is presenting something fresh to the crypto community.
For those looking to diversify their portfolio with a unique offering, Meme Kombat seems like an opportunity too good to miss – so, don’t be left behind (stay tuned with the MK Telegram).
Embrace the future of meme-based gaming and betting with Meme Kombat.
Buy Meme Kombat Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Read the full article here