Terra’s LUNA weekly price action reveals the patient is all but dead
|- 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.
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