Terra Luna Classic Price as Sam Bankman-Fried Guilty Verdict Shifts Attention to Terra Founder Do Kwon’s Case
The Terra Luna Classic price has dropped by nearly 4% in the past 24 hours, with the altcoin reacting badly to the news that a New York jury has found FTX’s Sam Bankman-Fried guilty of fraud.
At $0.00006225, LUNC is now down by 1.5% in the past week, although it remains up by 10% in a fortnight and by 5% in a month.
However, LUNC’s longer term performance has been disappointing this year, with the token having decreased by 57% since the start of January.
And with Terraform Lab’s and its founder Do Kwon facing a similar trial in the US, LUNC may encounter similar bad news in the coming months.
Having rallied along with the market last week, LUNC has now pretty much lost its former momentum.
Its RSI (purple) has fallen from nearly 70 on October 25 to just above 50 today, and it looks as though it will keep falling.
It’s also disconcerting to note that its 30-day average (yellow) has flattened out following some modest gains last week, again signalling that buying pressure has already left LUNC.
Indeed, the coin’s 24-hour trading volume has dropped from nearly $70 million at the end of October to only $21 million.
And when major coins such as BTC and ETH boasting trading volumes of $18 billion and $13 billion, it becomes clear just how far LUNC has fallen.
Its low volume would indicate that few serious traders and investors are interested in it, something would go a long way to explaining why the Terra Luna Classic price has steadily declined across 2023.
Yet LUNC’s problems go much deeper than low volume, with the coin likely to suffer as a result of the recently commenced case between the SEC and Terraform Labs and its founder, Do Kwon.
The SEC recently filed for a summary judgment in its favor, something which would likely lead
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