Terra Luna 2.0 has continued to be a disaster in the markets. This is after the original Terra Luna price crashed by 99.99 per cent, resulting in Terra Luna founder forking another version of Terra Luna. The original Terra Luna, which had lost almost all its value, would then be converted and renamed Luna Classic.
Since its launch on May 28, 2022, the Terra Luna 2.0 prices have majorly moved in only one direction: down. Today, the cryptocurrency has lost 85 per cent of its value. Currently trading at $2.6 from its highs of 18 dollars since its launch, the project has continued to cause problems for investors, and with the current trend, the crypto is likely to trade below $1 soon.
Despite responding positively to news that Binance was relisting the crypto on their platform, where we saw Luna breaking the $10 after dropping to trade below $6, the strong bearish trend has resumed. On my June 6 Terra Luna analysis, I highlighted that it was very likely that we would see the prices trading below the $3 price level. In extreme circumstances, I highlighted why Luna 2.0 was likely to move below the $1 price. Today, that projection has not changed much.
Terra Luna Co-Founder Problem
Another reason why Terra Luna may be losing in the markets is due to its co-founder. Recent reports show that he is under investigation by the U.S. Securities and Exchange Commission (SEC) over their failed Luna and UST projects.
The reports also indicate that Terra’s co-founder and CEO were cashing out $80 million a month before the UST and Luna crash. If these reports are true, such actions may have likely contributed to the collapse of the Luna and UST. The current price drop may also be a result of the latest controversies involving the CEO and Terra luna co-founder Do Kwon.
Terra Luna price Prediction
Much of what happens to the prices of Luna 2.0 will depend on the current news cycle for the next few trading sessions. However, with problems such as Luna’s CEO being investigated by SEC and investors going on a sell-off frenzy, it is likely that we have not seen the end of the Luna price fall.
Therefore, my Terra Luna price prediction expects the prices to trade below the $1. I also expect the current bearish trend to continue with a possible price level 0f below $0.75 in the next few trading session. This is despite today’s trading session having a five per cent gain in the markets.