Today’s trading session has seen Terra Luna’s price surging by 28 per cent. It has also seen its trading volume surge by more than 200 per cent in the past 24 hours, which may be part of the reason for the current price surge.
The current price surge comes amidst the platform’s founder facing criminal charges. Recent reports indicate that Don Kwon, founder of Terraform labs, which is the parent company of Terra Luna, has been on the run for the past few weeks following the issuance of an arrest warrant by the South Korean government. This has resulted in South Korea requesting help from Interpol, which has now issued a red notice for now, fugitive Do Kwon.
Speculations about the founder’s whereabouts continue to dominate the cryptocurrency communities. Although Do Kwon has come out and indicated that he is not on the run in a statement released on his Twitter account, his arrest may be very significant for the now recovering Terra Luna price.
Terra Luna Price Prediction
Today’s price surge of 28 per cent has seen prices breaking above the $2.7 resistance level. The current price surge also looks aggressive enough, with a likelihood of continuing throughout the session.
Considering that today’s price surge has been partly due to traction Terra Luna is undergoing, which has seen its trading volume increase by over 200 per cent, it is likely that, in the next few trading sessions, we will see the bullish trend continue. There is a high likelihood we might see prices trading above the $3 price level, with a possibility of hitting the $3.5 price level.
However, the current price surge may not last long, as we have seen with past price surges. There is a high likelihood that the gains that will be made in the next few trading sessions will reverse for a more long-term bearish trend. However, for the next few trading sessions, if the prices go below the $2.2 price level, then my bullish analysis will be invalidated.