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Terra LUNA Price Wobbles Under $1 A Day After Founder Do Kwon Got Out On Bail

Terra LUNA Price Wobbles Under $1 A Day After Founder Do Kwon Got Out On Bail
Terra LUNA Price Wobbles Under $1 A Day After Founder Do Kwon Got Out On Bail

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Terra price is slightly in the green on Monday although the token has sustained a sharp downtrend since early February. Every time LUNA appears to have secured support instability hits the market resulting in more losses.

The most recent blow to the bulls was last week’s slide below the $1 mark to $0.88, marking LUNA’s 33% loss in 30 days. Although bulls seem to have arrested the bearish situation last week, LUNA won’t be safe until support above $1 has been reclaimed.

Terra price is trading at $0.9378 during the European trading session on Monday after growing by nearly 3% in 24 hours.

Terra Founder Do Kwon Released On Bail

Do Kwon, the co-founder of Terraform Labs, has been granted bail and released from custody in Montenegro. Kwon and former CFO Han Chang-Joon were arrested in March 2023 for allegedly using fake documents to travel.

Kwon is also facing criminal charges of document forgery in Montenegro and his personal assets worth $176 million have been frozen by South Korean authorities.

The two are wanted by Interpol for their role in the $40 billion collapse of the Terra ecosystem in May 2022.

The bail amount for each of them was set at 400,000 euros ($436,000), and they will be under house arrest until the trial begins on June 16.

Kwon and his co-accused have been asked to ensure the validity of their travel documents and identity cards, issued supposedly by Belgium,

Kwon’s lawyers submitted their bail request on May 11, and the court approved it on May 12. The Terra scandal caused massive losses for investors and users in the crypto industry, and Kwon is one of the main suspects in the case.

Evaluating Terra Price Profitability This Week

Investors intending to trade or buy LUNA this week would be on the lookout for a possible uptick above $1. However, for that to happen, Terra price must uphold support at $0.88, reinforced by a descending trendline, as shown on the daily chart.

On the upside, Terra is required to reclaim the ground it lost last week above $1. Such a move could accelerate the emergence of a buy signal from the Moving Average Convergence Divergence (MACD) indicator.

As a momentum indicator, the MACD underlays the chart, showing if LUNA’s price action is strong or weak; either to the upside or downside.

A buy signal would manifest with the MACD line in blue crossing above the signal line in red. At the same time, the indicator’s movement toward the mean line implies that buyers have the upper hand – the opposite is true.

Terra LUNA Price Wobbles Under $1 A Day After Founder Do Kwon Got Out On Bail
LUNA/USD daily chart

Meanwhile, the daily chart reveals an ongoing formation of a falling wedge pattern. A falling wedge pattern signals the end of a downtrend and the beginning of an uptrend.

It is formed when the price bounces between two downward-sloping, converging trendlines. This pattern is characterized by a series of lower highs and lower lows that form a wedge shape.

Considered a bullish chart formation, a falling wedge pattern can indicate both reversal and continuation patterns – depending on where it appears in the trend.

In this case, if bulls defend support at $0.88, Terra price would have a chance to push through the upper trend line, thus affirming a bullish trend reversal.

That said, new buy orders may be entered slightly above $1 but the uptrend’s confirmation may wait until LUNA flies above the wedge pattern.

Some of the targets to look forward to are the 50-day Exponential Moving Average (EMA) (in red) at $1.2, the 100-day EMA (in blue) at $1.42, and the seller congestion at $1.8 and $2.2, respectively.

Terra Price Boxed Between A Rock and A Hard Place

A careful evaluation of the four-hour chart shows LUNA stuck between the crucial support and the critical resistance at $1. For now, bulls appear to have settled for consolidation as they gather enough liquidity to attack the seller congestion at $1, which we cannot overemphasize that it must come out of the way for LUNA to strengthen its rebound.

Terra LUNA Price Wobbles Under $1 A Day After Founder Do Kwon Got Out On Bail
LUNA/USD four-hour chart

Some traders activated their buy orders immediately Terra price bounced off support at $0.88, hence the advanced signal from the short-term MACD. If the MACD successfully crossed into the positive region, that would be a sign to increase exposure to LUNA for gains to $1.2 $1.8, and $2.2, respectively.

However, traders need to be cautious as LUNA is likely to settle between the two horizontal lines at $0.88 and $1 possibly until bulls have enough liquidity to sustain an uptrend.

LUNA Alternative To Buy – AiDoge

Investors seeking alternative investment to LUNA may want to consider AiDoge, a revolutionary meme coin, utilizing generative AI technology in its viral meme-making social media platform.

AiDoge presents investors with the perfect balance between artificial intelligence (AI) and the meme coin worlds. The project is building a new ecosystem powered by web3 that will enable users to share and vote on memes generated by other users.

The revolutionary new model of “meme-to-earn” has caught the attention of many in the cryptosphere as the presale has so far raised $7.3 million in a matter of weeks.

Those interested in buying AI tokens must hurry as the discounted price will increase to $0.0000304 from the current $0.00003 in a few days.

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