Terra Luna (LUNA) price could display a positive correction after a recent development in the network. The token dipped almost 50% between January and March to retest the support floor at $1.20 on March 11. Since then, the bears invalidated every bullish effort to recover north, keeping the altcoin well below the $1.57 resistance level.

At the time of writing, LUNA is auctioning at $1.29 after gaining almost 5% in the last 24 hours. CoinMarketCap data shows a surge in trading volume for the altcoin over the same period, recording a 3% increase to $38.3 million as of press time. The newly found synergy comes in light of a recent win for Terra Luna after a Seoul court ruled in favor of the asset.

South Korean Court Rules LUNA Token Not a Security Key Takeaways

 The court stated that it is difficult to view Luna Coin as a financial investment product regulated by the Capital Markets Act.

Court has dismissed the prosecution’s appeal for confiscating Terra co-founder … pic.twitter.com/Tilr0QT0sh

— Web3 Daily (@web3_247) April 24, 2023

Court Determines Terra (LUNA) Not a Security And Denies Confiscation Of Co-Founder’s Property

Local media outlets in South Korea have reported that a Seoul court has ruled that the Terra (LUNA) token is not a security. In the ruling, the Seoul Southern District Court said:

It is difficult to view Luna Coin as a financial investment product regulated by the Capital Markets Act.

The ruling came after the prosecution sought to have the assets of Terra Labs co-founder Daniel Shin, otherwise known as Hyun-Seong, seized and stored. While this ruling is a win for LUNA, given regulators’ clamp down on crypto assets, it is a clear obstacle in the case against Shin.

Breaking: Terraform Labs co-founder Daniel Shin among 10 indicted in South Korea, facing charges related to Terra/Luna project failure. $185M assets frozen. Stay tuned for updates. #CryptoNews

— Q.E.D (@wizcap) April 26, 2023

Further, rendering LUNA a non-security takes a different direction from what other courts have said about the asset, making it an avenue for dispute.

Citing Shin’s legal representative after the judgment:

The Arrest Court rejected all of the prosecution’s 10 or so requests for arrest warrants against former CEO Shin and others involved in this case, consistently ruling that there is room for dispute on whether or not the Capital Markets Act was established. It can be seen that the court judges that it is difficult to view Luna as a financial investment product.

While Shin’s legal tussle continues to unfold, fellow founder Do Kwon faces several charges after his recent arrest in Montenegro. Kwon’s assets were also confiscated after an official request to Binance. Notably, the request for an arrest warrant against Shin had been denied by a South Korean court. The dismissal marked the second time an arrest warrant request was turned down, after another instance in December 2022.

Terra Luna price could rally 22% amid Shin-related news

Terra Luna price is trading with a bullish bias after rising almost 10% in the last three days. The newly found bullish momentum comes after the token hit rock bottom at the $1.20 support floor. The northbound move could be sustained in the short term based on the overall outlook.

It appears that LUNA bulls have bought the dip, considering the bullish momentum displayed by Terra Luna price. An increase in buying pressure above the current market value of $1.29 could catapult the altcoin higher.

If the current trajectory continues, Terra Luna price could soon meet the next supplier congestion zone, the 50-day Exponential Moving Average (EMA). Here, sidelined investors could hop in, provoking a further upside for the asset.

The next logical target for Terra Luna price is likely the $1.56 resistance level, which would mark the reclamation of areas last tested. Such a move would constitute a 22% climb from the current price. A decisive flip of this barricade into support would solidify the uptrend and put out any short-term expectations of a downtrend.

Another cohort of bulls shipped by the 100-day EMA at $1.60 could increase chances for a further upside.

Notice there was a pending buy signal in the 1-day chart above, which could be authenticated once the Relative Strength Index (RSI) crosses above the Stochastic RSI. If traders heed this call, Terra Luna price could soar further.

Moreover, the Awesome Oscillators (AO) were also in the green, showing that bulls were leading the market. This indicator could turn positive once the Terra Luna price breaches the 50-day EMA.

Conversely, if profit takers pull the trigger, Terra Luna price could drop, potentially revisiting the $1.20 support floor.

In the dire case, the altcoin could break below this level and collect sell-side liquidity underneath.

LUNA Alternative

While we continue to watch the next move for Terra Luna price, consider Ai, the ticker for the AiDoge ecosystem. This is a new entrant in the meme coin scene set to compete against peers like Shiba Inu (SHIB), Dogecoin (DOGE), and Floki Inu (FLOKI), among others.

AiDoge touts itself as the greatest meme-generation platform, providing users with an AI-driven meme-generating experience. The project has adapted to the ever-changing crypto world, which positions it for success in this agile and dynamic space.

An excerpt on the website reads:

The AiDoge ecosystem offers users the opportunity to stake $Ai tokens to earn daily credit rewards and access platform features. Staking is crucial for long-term engagement and platform stability.

Further, AiDoge uses advanced AI technology to create relevant memes based on user-provided text prompts. Some of the main aspects include the AI-powered meme generator, text-based prompts, and Ai tokens for purchasing credits.

It also uses algorithms in developing memes that are contextually relevant and trained on extensive meme datasets and crypto news. With these, you are guaranteed high-quality and up-to-date memes.

The token is still in the presale stage, giving you time to acquire Ai at affordable prices before the next stage. Currently, a single Ai retails for $0.0000126 and will be going for $0.0000264 in the next stage. With only a few days since the presale started, AiDoge has already amassed $107,251.33 USDT out of the $650,000 allocated for the first stage.

To buy Ai, you require Ethereum (ETH) and will pay a gas fee of 0.015 ETH as gas. The actual amount used will depend on the network.

Visit AiDoge here.

Read More:

• Earn Crypto For Internet Memes – $Ai Token
• First Presale Stage Open Now, CertiK Audited
• Generate Memes with AI Text Prompts
• Staking Rewards, Voting, Creator Benefits