Terra Price Soars 6%, as Do Kwon Hearing Is Set for January 8 – Is $0.61 the Next Reach?

Highlights:

• Terra price soars 6% to $0.49 as trading volume elevates over 600%. 
• Terra’s former executive, Do Know, recently pleaded not guilty to fraud charges.
• On 8th January, the hearing of Do Kwon’s case will take place and may contribute to Terra’s price in the long run.

The Terra price is boasting a bullish muscle, as it has skyrocketed 6.99% to $0.49 at the time of writing. Its daily trading volume has notably jumped 632% to $189 million, suggesting a spike in interest. Terra is now up 16% in a week, despite a pullback of 32% in a month and 30% in a year. 

Meanwhile, the entrepreneur behind the LUNA token, Do Kwon, recently pleaded not guilty, opening a new chapter in the crypto fraud saga. Do Kwon, the South Korean crypto entrepreneur behind the catastrophic collapse of Terraform Labs LUNA, pleaded not guilty to U.S. fraud charges in a Manhattan courtroom. 

Do Kwon enters a not guilty plea to U.S. fraud charges. pic.twitter.com/cK58e6p5v8

— Vikdag (@vikdag81) January 3, 2025

This plea follows his extradition from Montenegro, where he had been detained since March 2023. Kwon faces multiple charges, including securities fraud and money laundering, related to the $40 billion loss suffered by investors in 2022. Meanwhile, on 8th January, the hearing of Terra founder Do Kwon’s case will take place. The court process of Do Kwon will be necessary as it will also contribute to Terra’s price in the long run. 

NEW: Terra Founder Do Kwon is now facing a maximum penalty of 130 years in prison after being extradited to the US

He appeared in US court for the first time to face extensive fraud charges that could impact all of crypto

Here's what happens next 🧵⬇️ pic.twitter.com/AoDL3yeaM2

— Zack Guzmán (@zGuz) January 5, 2025

Terra Statistical Data

Based on CoinmarketCap data:

• LUNA price now – $236
• Trading volume (24h) – $189.84 million
• Market cap – $350.41 million
• Total supply – 1.18 billion
• Circulating supply – 709.98 million
• LUNA ranking – #236

Terra Technical Indicators Show Mixed Market Sentiment

LUNA gained over 6% and broke its long-term silence. Terra continues to display dynamic price action in the market today, trading at $0.4927, marking a 6.99% surge over the past 24 hours. This increase reflects broader market interest despite the technical indicators suggesting mixed sentiment.

Diving into the technical outlook, the Terra price has breached the $0.50 support level, indicating some bearish prospects. However, the support level at $0.43 tilts the odds toward the bulls, indicating a bullish grip. This shows mixed sentiments in the LUNA market. However, if the bulls flip the immediate resistance at $0.50 into the support level, they might initiate a substantial leg up toward the $$0.61 mark. 

The Relative Strength Index (RSI) at 53.93 signals that the token is neither overbought nor oversold. This leaves room for both upward and downward price movements depending on market sentiment.

The MACD indicator also calls for traders to rally behind Terra’s price. This is evident as the MACD has flipped above the signal line, showing a bullish grip. As the momentum indicators hurtle above the neutral level(0.000) to the positive territory, the path with the least resistance stays on the upside.

Terra Price Outlook

Based on the technical outlook, the odds tend to tilt toward the upside. The RSI’s position above the 50-mean level and the buy signal from the MACD indicator reinforces the bullish grip. At this level, increased buying appetite will see the bulls obliterate the $0.50 resistance into the support floor, resuming a rally. In such a scenario, a breach and break above $0.50 will see the price rally to $0.61 in the short term.

On the flip side, if the bears capitalize on the $0.50 resistance zone, which portrays some bearish prospects, the Terra price will fall through. In such a case, the $0.40 support level will be in line to absorb the potential selling pressure.