Terra’s LUNA Price Bullish Outcome Depends On These Crucial Levels – Do Kwon Bail Appealed

Join Our Telegram channel to stay up to date on breaking news coverage

This week’s trading has been particularly uneventful for Terra’s LUNA price and other cryptos alike, including Bitcoin (BTC) and Ethereum which appear to have settled slightly above $27,000 and $1,800, respectively.

However, bulls seem to be increasing their presence in the market with LUNA up almost 2% on Thursday and trading at $0.9484. BTC and ETH are starting to thaw with 2.2% and 1.2% in gains coming in over the last 24 hours.

Despite the seemingly bullish outlook, cryptos are facing shrinking buying volumes that have left Terra’s LUNA price confined between critical support and resistance at $0.88 and $1, respectively.

Terra’s LUNA Price Consolidation Persists

LUNA, the token birthed following the TerraUSD (UST) crash in May last year, has sustained a subtle recovery from support at $0.88 this week, although the 50-day Exponential Moving Average (EMA) now limits price action under $0.9617.

The Relative Strength Index (RSI) reinforces the bullish grip on LUNA with a positive divergence and its position above the midline and the ascending trendline.

However, for Terra’s LUNA price recovery to continue above $1, bulls are required to flip the token above the 50-day EMA (in red).

Terra’s LUNA Price Bullish Outcome Depends On This Crucial Levels – Do Kwon Bail Appealed — LUNA/USD four-hour chart

A break and hold above $1 would not only affirm the bullish grip on the token, but the move will also pave the way for gains targeting $1.2, $1.5, and $2, in that order.

Some signals traders would be looking for include the token’s ability to weaken potential seller congestion at the 100-day EMA (line in blue) and the 200-day EMA (in purple).

Terra’s LUNA Price Holding on the Cliff’s Edge

Terra’s LUNA investors should be aware that they are hanging on the edge of a tall cliff with major support at $1.1 broken and out of the way. If the ongoing sell-off and instability in the crypto market continue, the recent anchor at $0.88 may not be enough to contain the bears.

Thus, it may be prudent to anticipate deeper losses possibly to $0.55. However, these declines could reach further downstream.

As observed on the four-hour timeframe chart LUNA now holds below all the major moving averages, the situation remains the same on the daily timeframe chart with the 50-day EMA, the 100-day EMA, and the 200-day EMA above the $255 million token.

On the other hand, the RSI argues that Terra’s LUNA price has exhausted the downtrend and is preparing for a rebound. The RSI sits on the lower end of the neutral region, slightly above the oversold region.

If the recently oversold conditions are to result in a positive outcome, bulls must drop their fear and return to the market. Buying volumes must be restored for LUNA to sustain the climb through the upper range limit at $1.1.

However, the danger of Terra’s LUNA price plunging to $0.55 would still be apparent.

Montenegro Prosecutors Appeal Terraform Labs CEO Do Kwon

Several days after the court granted Terraform Labs CEO Do Kwon and his associate Han Chang-joon bail, Montenegro prosecutors have filed an appellate case seeking to detain the two due to allegations lodged against them for traveling on fake documents, as reported by South Korea’s media platform, Yonhap.

On March 23, Kwon and Terra’s ex-CFO Han were apprehended at Montenegro’s Podgorica airport for allegedly attempting to leave the country using counterfeit passports.

South Korean national Kwon was subject to an Interpol Red Notice, requesting his detention by law enforcement.

The Montenegrin court indicted the duo on April 21. Both individuals denied falsifying travel documents, and their lawyers suggested a bail of 400,000 euros (US$437,000) each, which was approved by the local court last Friday.

The Terra ecosystem went a blaze in May 2022 after the algorithmic stablecoin, TerraUSD (UST) depegged from its $1, resulting in losses of up to $40 billion and a shaky crypto market plagued by several bankruptcy filings.

Kwon is a wanted criminal both in the United States and South Korea where is accused of perpetrating fraud, disregarding securities laws, and other charges related to the crash.

The founder has on many occasions denied the charges against him, and maintains that the mistakes that led to one of the crypto industry’s worst crashes took place under the company Terraform Labs and neither he nor the company intended to deceive investors.

Kwon argues that the charges lodged against him in South Korea are politically motivated. He (Kwon) and his associate (Han) are expected to appear for their next hearing on June 16.

Luna Alternative Investment to Consider – AiDoge

Investors looking for alternative crypto tokens offering a higher risk-reward ratio may not wish to search beyond AiDoge, a viral meme coin whose presale is selling out fast with $8.5 million raised so far.

The meme token project has been lauded by experts for striking a unique balance between the meme and artificial intelligence worlds with the help of AI-powered meme generation software.

As investors continue piquing interest with AiDoge, the presale is increasing its pace with at least $500,000 being raised daily in the past two weeks.

Investors who move quickly to secure tokens now at the current presale price of $0.0000308 can be sat on paper gains of around 9%, given that the AiDoge token will debut across major cryptocurrency exchanges later this year at a price of $0.0000336.

?? What sets #AiDoge apart from the rest?

Here's why we're miles ahead of $PEPE! ?

1️⃣ AI and #Blockchain! ??
2️⃣ Voting, rewards, and staking functionalities?
3️⃣ Clear roadmap and ongoing development ?

Don't miss out on the $AI #Presale!
? https://t.co/5j5tt4smcs pic.twitter.com/lRc2bzVL58

— aidogecrypto (@aidogecrypto) May 17, 2023

Investing in AiDoge saves you a premium ticket to accessing the revolutionary new social platform that would enable users to generate memes using AI and earn crypto as their creations become popular.

For the first time, meme creators will tap the value of their skills, as the platform protects ownership rights. The “meme-to-earn” ecosystem would appeal to people outside the crypto market, thus increasing mainstream adoption.

With a $14.9 million hard cap placed on the presale, it is possible the goal can be achieved in a month.

Related Articles: