As a seasoned crypto investor with a keen eye for market trends, I’ve seen my fair share of ups and downs in the digital currency space. The recent price surge of LUNA has piqued my interest, especially after the settlement between Terraform Labs and the SEC on May 30, 2024.
As a crypto investor, I’ve noticed some intriguing developments with LUNA recently. Following a lengthy spell of inactivity, there was a surge of interest from investors on May 30, 2024. This sudden buzz can be attributed to the resolution of the fraud case between Terraform Labs and Do Kwon, and the US Securities and Exchange Commission (SEC).
LUNA Price Analysis: Impending Golden Cross Prompts $1 Amid Settlement with SEC
For approximately 46 consecutive days leading up to it, LUNA‘s price remained stable within a set range. Then, suddenly, there was a significant surge, causing a 43% increase in value. At that time, LUNA held a market capitalization of $508 million. Around April 5, 2024, a bearish indicator called a “death cross” appeared on the token’s chart, which contributed to a prolonged price decrease for this asset.
As a researcher examining recent trends in the Terra market, I’ve noticed an intriguing shift based on the chart analysis. The 50-day simple moving average (SMA) is poised to surpass the current position of the 200-day SMA. If this eventuationizes, we would witness the formation of a golden cross. This bullish signal typically heralds an upward trend in the market price.
As an analyst, I’ve observed that following the initial surge, LUNA‘s price retreated to the upper boundary of its range in a typical “breakout and retest” scenario. Subsequently, I anticipate that LUNA’s price will resume its upward trend and could potentially encounter resistance levels around $0.7, $0.75, and $0.83.
As a crypto investor, I would say: If the market conditions were to reversely favor LUNA, it might re-enter its previous price range and exhibit sideways movement. Crucial support levels for me would be at $0.62, $0.54, and $0.5.
Why is LUNA Price Pumping?
In response to the Securities and Exchange Commission’s (SEC) allegations of fraud against Terraform Labs and Do Kwon, a settlement has been reached. This means that all previously scheduled court hearings have been canceled. The Terra community viewed this development positively, resulting in a sharp increase in the value of LUNA.
This has led to some crypto analysts, such as Eric Cryptoman, calling for a $2 LUNA price soon.
Most will think this is a joke but don’t be surprised to see $LUNA trading above 2 dollars soon.
Most will call it risky, and I love that word. Study asymmetric risks.
— Eric Cryptoman (@EricCryptoman) March 1, 2024
Kwon’s troubles continue as he is currently on bail in Montenegro, facing the possibility of extradition to either the United States or South Korea for additional criminal charges. The Securities and Exchange Commission (SEC) has proposed imposing a record-breaking fine of $5.3 billion on him. Kwon disputes this figure, arguing instead that a penalty of $1 million would be more fitting.
Bottom Line
With the ongoing resolution of the legal case involving Terraform Labs and Do Kwon, there is growing interest among investors in observing the price trend of LUNA. A favorable outcome for the accused parties may potentially boost investor confidence in Terra, leading to a potential increase in the value of LUNA.
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2024-05-31 10:23