Terra’s Do Kwon may not face criminal charges even though LUNA 2.0 is also crashing
- Terra Luna price has plummeted 80% since May 31.
- Do Kwon's promise to build better is still unfulfilled.
- Invalidation of the downtrend is a breach at $10.
Terra Luna price continues the heartbreak as bears are suppressing the controversial cryptocurrency to no avail.
Terra Luna price is unforgiving
Terra Luna price is bringing back the pain to investors' portfolios as the price is experiencing more mudslides to start the month of June. The bears have consistently pushed the price lower and have not had trouble with vengeful bulls. If the technicals are correct, one more devastating dip could occur to fill the gap between $1.112 and $0.03.
Terra Luna price currently trades at $2.79. The bears are producing progressively larger engulfing candles as prices continue declining.
Investors have been taking to social media to call the CEO on his unfulfilled promise to restore the Luna token to normalcy before the May 12 sell-off. Still, unfortunately, there has been no response. In fact, Do Kwon may be questioned by the SEC for the LUNA & UST Stablecoin catastrophe, but many believe that Kwon will not face criminal charges.
LUNA/USDT 2-Hour Chart
Invalidation for the downtrend scenario is a breach above $10. If the bulls can breach $10, the Terra Luna price could rally back towards $26, resulting in an over 700% increase from the current LUNA price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
