Terra LUNA Classic (LUNC) price has gained some volatility since our last update. Despite this increase in volatility on a lower timeframe, LUNC crypto is still stuck within a range on a higher timeframe. Our analysis reveals that a major move might be around the corner due to the formation of a bearish pattern.
Cryptocurrencies have been trading sideways since last week. Bitcoin price appears to be consolidating around the $28,000 level. Most investors are awaiting the next BTC move to enter into any altcoin positions. On Monday, the LUNA Classic price dropped by 0.78% after having a volatile weekend.
South Korea Requests Do Kwon’s Extradition
According to the latest news, South Korean authorities have requested the extradition of Terra LUNA, Do Kwon, who was recently arrested in Montenegro. As per the latest reports, the prosecutors haven’t found any of the $315 million worth of assets linked to LUNC crypto executives.
A report published in the local media indicates that Do Kwon converted all of the illicit funds in South Korea to Bitcoin and had no tangible assets at the time of the arrest. This news could be one of the reasons why Terra LUNA Classic price has remained sideways in the past few months. It is also being alleged that Do Kwon used centralized exchanges like Binance to convert his funds into Bitcoin.
Terra LUNA Classic Price Prepares For Big Move
The 4H chart of LUNC crypto shows the formation of a symmetrical triangle. Since the coin is n a downtrend, we can also call this pattern a bear flag. As the name suggests, these patterns mostly break to the downside. If such a breakdown occurs, the price might get some support from its March low of $0.000115. However, the technical target of such a move lies much below at $0.000093 level.
Another reason why my Terra LUNA Classic price prediction is still bearish is the fact that it has faced multiple rejections from the 200 MA on the 4H chart. In case of an upward breakout, LUNC can still have a quick 20%-30% rally, but on a higher timeframe, the outlook will remain bearish.
I’ll keep sharing my updated LUNC analysis in my free Telegram group, which you are welcome to join.
