According to a report, an arrest warrant has been issued by a court in South Korea against the founder of Terraform Labs, Do Kwon, and five others. The report in question went on to say that the allegations against Do Kwon include violations of the country’s capital markets laws, among others. South Korean authorities believe […]
” rally recently, one that saw the price of LUNA surge by 260% just a week ago. On 11 September, the coin was trading for as high as $7.06 on the charts., the price rally caused the asset’s market capitalization to log a 209% increment – From $321 million to $995 million over the same timeframe.
Losing most of its gains since the issuance of the arrest warrant, however, LUNA exchanged hands at $2.99 at press time. In fact, tWhile the price fell, the report of Do Kwon’s imminent arrest on 14 September led to a hike in LUNA’s trading volume. The price/trading volume divergence logged that day, however, hinted at coin distribution as investors who had acquired the asset during the 9-11 September rally scampered for profits.
Since 14 September, the daily trading volume for the asset has dropped by over 55%. At press time, this stood at $426.56 million, according toOn the daily chart, the bulls appeared to have lost the fight to the bears in the LUNA market. Following the price surge between 9 and 11 September, the momentary bull run saw the Moving Average Convergence Divergence recording green histogram bars. However, a new bear cycle was initiated on 16 September when selling pressure rallied.
A look at the Exponential Moving Average confirmed that the bears had the upper hand. At the time of writing, the 20 EMA was below the 50 EMA line, showing that sellers controlled the market. With LUNA’s Chaikin Money Flow positioned at -0.11, significant coin accumulation is required to ignite the severely declined buying pressure.Subscribe to get it daily in your inbox.
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LUNA’s 8% surge may be noteworthy but a trip down south may be on the cardsTerra LUNA founder Do Kwon could be facing the heat despite acting like the South Korean arrest warrant was not his concern. In a new turn of events, things seemed to be working against Kwon after a Bloomberg report showed that he was facing challenges in far-away Singapore. According to the report, Kwon was struggling […]
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