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Terra LUNA Classic (LUNC) Price Falters as Authorities Close in on Do Kwon

2 mins
Updated by Ali Martinez
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In Brief

  • Terra LUNA Classic is following a long-term descending resistance line
  • LUNC price is trading inside a short-term symmetrical triangle
  • CEO Do Kwon is reportedly hiding in Serbia
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Terra Luna Classic (LUNC) shows several bearish signs that indicate the downward movement is expected to continue as CEO Do Kwon may soon face extradition.

The LUNC price has decreased below a descending resistance line since Sept. 12. The downward movement led to a low of $0.00013 on Nov. 8. The line caused numerous rejections until now (red icons), the most recent on Dec. 13.

In addition to the descending resistance line, the LUNA Classic price is also facing horizontal resistance at $0.00019 and the daily RSI is below 50 and decreasing. As a result, readings from the daily time frame are decisively bearish.

Even if the LUNC price were to break out, which seems unlikely, the $0.00019 area could provide resistance. 

If the downward movement continues, the next closest support would be at $0.00006, created by the 1.61 external Fib retracement resistance of the most recent bounce.

LUNC Price Daily
LUNC/USDT Daily Chart. Source: TradingView

In some interesting LUNA Classic news, Do Kwon, the disgraced founder and CEO of Terraform Labs is evading authorities, reportedly hiding in Serbia. Kwon has been on the run since South Korean authorities issued an arrest warrant after the collapse of the Terra ecosystem.

Since Serbia and South Korea do not have an extradition treaty, it is not yet clear if Do Kwon will be extradited.

Terra LUNA Classic (LUNC) Price Continuation Could Lead to Breakdown

The readings from the six-hour chart support those from the daily time frame, suggesting that the Terra LUNA Classic price is expected to break down.

The LUNC price has traded inside a symmetrical triangle since Nov. 8. While this is considered a neutral pattern, it is coming after a downward movement. LUNC fell over the last 24 hours and is now trading close to the support line of the triangle. As a result, a breakdown from it would be the most likely scenario.

LUNC Short-Term Triangle
LUNC/USDT Six-Hour Chart. Source: TradingView

LUNC fell over the last 24 hours and is now trading close to the support line of the triangle. An increase above the Nov. 30 high (red line) of $0.00019 would invalidate this bearish LUNC projection. 

For BeInCrypto’s latest crypto market analysis, click here.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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