LUNA’s 8% Uptick Could Be Impressive, but Downside Trip Seems Inevitable

Terra founder Do Kwon might be feeling the head despite pretending that the recent arrest warrant from South Korea wasn’t his concern. The new shift in events saw things seemingly working against LUNA’s creators after Bloomberg updates confirmed that he faced hurdles far from home in Singapore.

The report showed Kwon struggled to register any business or renew his employment permit in the nation.

Still A LUNA-tic Move

Nevertheless, Terra’s founder wasn’t the only person struggling. LUNA, which contributed to May’s capitulation following a debacle, endured downsides within the past week.

Coinmarketcap data shows the alternative token surrendered 47.51% on the weekly chart. That saw LUNA recording the worst performance among the top 100 digital tokens by market cap.

Surprisingly, the drop emerged after LUNA surged a remarkable 200% some days back. While market players viewed that surge as a pump & dump, the asset’s overall performance could have proven the remarks right. Nevertheless, it appeared that Terra’s alt wasn’t holding the seesaw.

Price charts indicated that LUNA recorded similar actions in the previous week, translating to substantial declines. The asset saw an engulfing candle set up on September 12.

This formation had LUNA plummeting to $3.95 from $5.41. Similar narratives emerged on September 14, with LUNA dipping to $2.45 from $4.52.

The RSI (Relative Strength Index) indicated that LUNA dropped into the overbought territory. Moreover, its conformed recovery attempts by buyers as it stood at 45.13. Nevertheless, the MFI (Money Flow Index) and the CMF (Chaikin Money Flow) exhibited contradicting opinions.

The CMF suggested that sellers controlled money flow, reading -0.06. As for the Money Flow Index, the technical oscillator indicated that though LUNA’s overbought territory was back beneath, the money flow wasn’t as substantial as the Chaikin Money Flow.

Next Stop?

Kwon and LUNA’s next stop was contrary during this publication. Though developing news showed that South Korean authorities worked to revoke Kwon’s passport, the alt headed towards some recovery.

Coinmarketcap data shows LUNA gained 8.43% within the past day. Also, the volume soared by 39.49% to $734,951,947. Though the impressive upsides, LUNA enthusiasts may need to trim higher expectations as crashes from the prevailing momentum seem inevitable.

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