- Summary:
- Terra Luna price continues to struggle in the markets, amidst reports that its founder has become a fugitive, and evading an arrest warrant
Terra Luna price continues to struggle in the markets, amidst reports that its founder has become a fugitive, and evading an arrest warrant issued by the South Korean government. According to the latest reports, Do Kwon is believed to have fled from Singapore following the issuance of an arrest warrant targeting him.
Reports also indicate that South Korea has already filed an official request that would see him listed on the Interpol Red Notice. The Prosecutors office released a statement throughout its spokesperson indicating they had already asked for assistance from Interpol to apprehend Do Kwon, who they want to answer on the fall of Terra Luna Classic, UST, and business operations of the Terraform Labs and Terra Luna.
The reason why this case is important to Terra Luna is due to its implication for the cryptocurrency’s future. In May, Terra Luna (now Terra Luna Classic) and UST ( a Terraform Labs algorithmic stable coin) crashed, which saw investors losing $40 billion. Since then, South Korean has been trying to get to the bottom of the matter.
Unfortunately, the Terraform Labs owners have not been cooperative. The implication for the current price of Terra Luna will come immediately after they find out why the company collapsed. Jailing Do Kwon would also have a negative effect on consumer sentiments about the product, which may result in prices falling drastically.
Terra Luna Price Prediction
Since September 11, the Terra Luna price has dropped by more than 60 per cent. In today’s trading session, the aggressive push to the downside looks to be continuing. There is even a high likelihood that today’s 2 per cent drop will end up widening as we approach market close.
In the next few trading sessions, I expect the current bearish trend to continue. There is a high likelihood that we will see Terra Luna trading below the $2 price level soon. It is also likely that we will see terra Luna hitting the $1.96 support level. This analysis will be invalidated should the prices trade above the $3 price level.
Terra Luna Daily Chart
