LUNA 2.0 price in trouble after South Korea blocks Terra developers from leaving the country

FXStreet Team FXStreet

According to Korean media outlet JTBC News, prosecutors in the nation have imposed travel restrictions on Terra developers and former developers as investigations into Terra's LUNA and UST death spiral continue.

The Financial and Securities Crime Joint Investigation Team announced that the travel embargo is to prevent people of interest in the case from leaving the country. The move suggests that the local agency could be preparing to issue search and seizures, as well as subpoenas for those involved in the matter.

LUNA 2.0 price appears to have reached a significant resistance wall after bouncing off the $1.60 support level. The layer 1 token would have to print a four-hour candlestick close above $2.34 to advance toward $3.

Failing to do so can trigger another sell-off, sending LUNA 2.0 price to revisit $1.60 or make a new low around $1.30.

LUNA 2.0 4-hour chart

Author

FXStreet Team

FXStreet

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Dogecoin ticks lower as low Open Interest, funding rate weigh on buyers

Dogecoin extends its decline as risk-off sentiment dominates across the crypto market. DOGE’s derivatives market remains weak amid suppressed futures Open Interest and perpetual funding rate.

Crypto Today: Bitcoin, Ethereum, XRP decline as risk-off sentiment escalates

Bitcoin remains under pressure, trading above the $87,000 support at the time of writing on Tuesday. Selling pressure has continued to weigh on the broader cryptocurrency market since Monday, triggering declines across altcoins, including Ethereum and Ripple.