The Terra Luna price has continued to struggle in the markets following the issuance of an arrest warrant by South Korea for its founder, Do Kwon. According to reports, a court in South Korea issued the warrant of arrest, escalating the problem of Terraforms Labs, the company behind Terra Luna, and also Terra Luna Classic and UST, the two cryptocurrencies that crashed in May and resulted in investors losing more than $40 billion.
Before the arrest warrant was released, Terra Luna’s price had started to recover in the markets. On September 9, its prices surged by 298 per cent during the early hours of intraday trading. However, as the session progressed, prices started to come down aggressively, which saw the crypto closing the market with a price gain of 167 per cent.
The aggressive push to the upside continued on August 10, when Terra Luna’s price closed the session with a price gain of 25 per cent. However, by September 11, the prices had started to come down, and since then, Terra Luna has lost 58 per cent of its value.
Terra Luna Price Prediction
Following the issuance of an arrest warrant for the founder of Terra Luna, my Terra Luna price prediction expects it to continue struggling in the markets. For starters, I expect consumer sentiments about Terra Luna to change. The arrest of Do Kwon will also likely have a negative impact on investors of the project, which is likely to push the crypto even further down.
The timing of the arrest warrant will also play a huge role in where Terra Luna will be headed in the next few trading session. With the entire cryptocurrency market struggling, the arrest warrant means that not only will its prices be dragged downwards by the platform’s ongoing legal issues, but also a bearish cryptocurrency environment which has made almost all cryptocurrencies lose value. Therefore, my Terra Luna price prediction expects it to trade below the $2.7 support level in the next few trading sessions. There is a high likelihood we might see it trading below the $2 price level again. My analysis will be invalidated by Terra Luna trading above the $4 price level.