- Terra price action paints a grim picture on the higher time frame.
- LUNA price looks set to drop back to $0.0002 and become worthless.
- Do Kwon gets sued in the US.
Terra (LUNA) price is urgently needed to be reanimated as the patient represented by the price action is almost dead and drawing its last breath. Price action on a weekly chart shows relentless selling pressure with a lack of investors to provide any counterweight. Expect a second crash just one month after the initial crash to trigger a possible FBI crackdown on the company, with several inspections and investigations into price manipulation on how the company is being run while the CEO is currently being sued by the US justice department.
LUNA price in need of epinephrine
Terra price is being looked at through a broader time frame lens in showing a cryptocurrency yet again in distress. With the dust only settling now on the cryptocurrency after its crash almost a month ago, it looks like Terra price is set to do a repetition of the failure. One would think the company directors, its CEO and CFO have at least learned something from their past mistakes and have beefed up their ‘secret sauce’ to withstand better the woes in the markets, which does not look to be the case based on the performance of the price action.
LUNA price will not go unnoticed and will undoubtedly trigger the interest of both the authorities and regulators, possibly with an office search and some arrests. LUNA price is just a whisper away from dropping another 100% from $2 to $0.002, based on the pure technical element that LUNA price is moving in a sharp bearish triangle and is set to touch base once more dollar strength kicks in. Only a hale mary could buy some time and trigger a turnaround, which could even be short-lived.
LUNA/USD weekly chart
Although it would make no sense to risk a long entry for LUNA traders, the only sound trade to position for a long time is awaiting confirmation that bulls are there and investors are back buying up the price action. That confirmation can be found in a break to the upside above the red descending trend line or when $10 can be broken, and a new high for June can be printed. Then and only then does a long in Terra price would make sense.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
PancakeSwap loses nearly 3% value intraday as the DEX crosses $1 billion in trade volume
Decentralized exchange (DEX) PancakeSwap (CAKE) announced in an official tweet that it has crossed $1 billion in trade volume on the Layer 2 chain, Base. CAKE on-chain metrics support the thesis of a recovery in the DEX token’s price.
Shiba Inu hits new milestone, over $9 billion worth of SHIB tokens burnt
Shiba Inu (SHIB), the second-largest meme coin in the crypto ecosystem, recently hit a milestone in the volume of tokens burned. Shiba Inu has burnt over 410.72 trillion SHIB tokens since the inception of the burn mechanism in the project, worth over $9 billion.
Dogwifhat crashes 60%, but here's why you should not buy WIF yet Premium
Dogwifhat (WIF) price shows a slowdown in the bearish momentum as it sets up a potential range. This development could lead to a good buying opportunity from a long-term perspective.
XRP struggles to overcome $0.50 resistance, SEC vs. Ripple could enter final pretrial conference
XRP is struggling with resistance at $0.50 as Ripple and the US Securities and Exchange Commission (SEC) are gearing up for the final pretrial conference on Tuesday at a New York court.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.