LUNA Price Prediction - LUNA Drops by 0.79%. Are we Looking into a Bullish Comeback

LUNA Price Prediction – LUNA Drops by 0.79%. Are we Looking into a Bullish Comeback

Updated: 01 May 2023

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The price of Terra (LUNA) has declined 0.79% in the last 24 hours and a decline of -0.26% in the past 7 days.

Terra (LUNA) Price Declines Amid Terraform Labs Co-Founders’ Legal Troubles

This follows some court documents recently revealed that Do Kwon, the CEO, and co-founder of Terraform Labs, has requested the dismissal of charges leveled against him by the U.S. Securities and Exchange Commission (SEC).

Following his arrest, South Korean prosecutors have been actively monitoring and seizing profits got by Terraform Labs executives. At the same time, South Korean authorities have indicted Daniel Shin, another co-founder of Terraform Labs, and nine other individuals on various counts, including engaging in illicit trading.

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

According to Shin’s legal representative, the Arrest Court rejected the prosecution’s 10 requests for arrest warrants against former CEO Shin and others involved in the case. The court consistently ruled that there is room for dispute over whether the Capital Markets Act was established, showing that it is challenging to view Luna as a financial investment product.

Meanwhile, Do Kwon, the co-founder of Terraform Labs, faces several charges after his recent arrest in Montenegro. Kwon’s assets were also confiscated after an official request to Binance. Notably, a South Korean court denied the request for an arrest warrant against Shin. This dismissal marked the second time they turned an arrest warrant request down, following a similar instance in December 2022.

LUNA Market Price

LUNA began positively, trading at around $19 on 28 May 2022. However, the next day, it dropped below $5, and by the end of May, its value had only slightly recovered to just above $11. Unfortunately, things went from bad to worse as June began, and LUNA’s value spiraled downwards.

For several months, LUNA’s value remained within $1.7 to $2.5. Bears have taken control of the market, with LUNA trading at $1.26 at press time. In the past 24 hours, it has experienced a -0.66% price decline, with a -0.26% price decline over the past week. Its circulating supply is 260 million LUNA, and its market cap is $329,046,253.

At its peak in June 2022, LUNA’s market cap was over $300 million. However, it oscillated between $210 and $300 million during most of July. Its market cap remains within that range, suggesting a need for significant growth in recent months. Furthermore, the trading volume of Terra (LUNA) has decreased by 3.80% over the past 24 hours, showing a recent fall in market activity.

LUNA Price Prediction – LUNA Daily Chart Analysis

Terra Luna’s price has been bullish lately, surging by almost 10% in the past three days. This newfound bullish momentum has emerged after hitting the $1.20 support floor, and the overall outlook suggests this uptrend could continue in the short term.

LUNA/USDT Chart Price Analysis. Source: Tradingview.com

Investors have taken advantage of the dip in LUNA prices, as buying pressure has increased above the current market value of $1.29. If this trend persists, Terra Luna’s price could soon encounter the 50-day Exponential Moving Average (EMA), which could attract more investors, leading to further upside potential.

The next logical target for Terra Luna’s price would be to reclaim the $1.56 resistance level, which marks a 22% increase from the current price. If the price successfully flips this level into support, it would confirm the uptrend and eliminate any short-term expectations of a downtrend.

Moreover, a group of bullish investors who follow the 100-day EMA at $1.60 could increase the chances of an upside. All these factors show that Terra Luna’s price is poised for a sustained bullish trajectory in the coming days.

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