Terra Luna Classic price has come under pressure in the coming days as cryptocurrencies recoiled and the recent pump and dump eased. LUNC crashed to a low of $0.00028, which is about 53% below its highest level in September. Other associated coins like Terra LUNA, Anchor Protocol’s ANC, and Mirror Protocol’s MIR have also crashed.
Do Kwon in hiding
Last week South Korean investigators announced that they were investigating the collapse of Terra. Now, the country’s prosecutors are concerned that Dow Kwon has gone into hiding. After moving from South Korea to Singapore, authorities there said that he was no longer there.
As such, there are concerns that he is trying to avoid justice. In a tweet, Do Kwon said that he was not on the run and that he was open to communicating with any agency. He also confirmed that he was under investigation in multiple jurisdictions. Still, a report by Yonhap confirmed that Kwon was actually not cooperating with investigators. It also said that he had no intention of appearing before prosecutors for questioning.
Historically, investors fear allocating their funds to companies and assets under investigation. This explains why Terra Luna Classic price has been in a strong meltdown. Another reason is that the recent pump and dump that we experienced in the past few days is working according to plan.
A pump and dump is a price manipulation strategy where manipulators push an asset’s price upwards and then resume the bearish trend.
Terra Luna Classic price forecast
The four-hour chart shows that the LUNC price has been in a strong bearish trend in the past few weeks. In this period, the coin has formed a bearish channel shown in black. It has also moved slightly below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved below the neutral point at 50.
Therefore, the coin will likely continue falling as sellers target the next key support level at $0.00022. A move above the resistance at $0.00030 will invalidate the bearish view.
