Bitcoin price soared up to $68,686 during the opening of Asian markets, almost reaching its all-time high level. The rise in the last 24 hours brought impressive price increases in altcoins as well. Rapid ascents are occurring, especially in altcoins known for speculative price movements, with LUNA Coin being the most notable. So why is LUNA Coin rising?
LUNA Price Prediction
Recently, we discussed how the famously speculative LUNA Coin could climb beyond $1.3 in March. A small spark can bring about abnormal rises in speculative altcoins. Today’s increase was due to the overturning of Do Kwon’s extradition decision to the USA, prompting a retrial in a lower court.
The South Korea and USA are seeking the extradition of Terra founder, who is being tried for various crimes. We see inconsistent decisions within the Montenegro Ministry of Justice, and therefore the extradition process is being prolonged. From the arbitrary use of Terra’s treasury to issues with the design of the algorithmic stablecoin, there are many details that could lead to Do Kwon’s imprisonment. Even though the extradition process is delayed, the reality of him ending up in prison by the end of the day remains unchanged.
However, LUNA Coin investors, who love speculation, assumed the latest news meant all charges by the USA and South Korea were dropped, causing the price to rise to $1.4. Supported by the rise in BTC, this move is normal for LUNA. If we see closes below $1.28, the price could return to the $0.92 range. Long upper wicks in the last rise candle are expected due to profit-taking.
XEC Chart Analysis
Another altcoin known for abnormal price movements is XEC, which had been quiet for a long time but is now active again. The price is struggling to hold above $0.00007920. If it succeeds, it could move back towards the $0.00010166 and $0.00017343 targets.
Shiba Coin Commentary
In a very short time, Shiba Coin price experienced an increase of nearly 400%. Among meme coins, this altcoin has had one of the best rallies in terms of market value and is now at levels last seen at the end of November 2021. If it can overcome the $0.00005433 barrier, it could head towards its all-time high again, which means surpassing $0.00008873 and potentially removing another zero from the Shiba Coin price.
The ongoing SHIB rally is so strong because BTC is on the verge of its all-time high. If profit-taking starts on the BTC front, it could fall back to support levels as quickly as it rose.
