The 8% increase in LUNA may be noticeable, but the trip south may be on paper

Terra Luna Do Kwon founder may face the heat though Effect Like the South Korean arrest warrant was not his prerogative. In a turn of events recently, things seemed to be working against Kwon after Bloomberg a report He showed that he faced challenges in faraway Singapore.

According to the report, Kwon struggled to renew his work permit or register a company in the country.

Still the LUNA-tic . movement

However, the founder of the project was not the only one suffering. LUNA, whose collapse was the subject of market capitulation in May, has been in ruins every week. According to CoinMarketCap, LUNA’s weekly performance is down 47.51% on the charts at press time. This performance was the worst among the top 100 cryptocurrencies by market capitalization.

Interestingly enough, this drop came after 200% from LUNA. Collection Two days ago. While there has been talk that it is still a pump and a vacuum, the overall performance may have validated the suggestions. However, it seems that Luna wasn’t one with a hammock.

Judging by the price action on the charts, LUNA had a similar move over the past week which resulted in significant declines. On September 12, there was the case of a immersive candlestick pattern. This pattern caused LUNA to drop from $5.41 to $3.95. A similar case occurred on September 14 when LUNA dropped from $4.52 to $2.45.

Source: TradingView

The Relative Strength Index (RSI) showed that LUNA has fallen into overbought territory. The RSI then revealed that LUNA buyers were trying to recover as it remained at 45.13.

Source: TradingView

However, Chaikin Money Flow (CMF) and Money Flow Index (MFI) had conflicting views. According to CMF, the flow of money was not under the control of buyers, its value being -0.06.

For the MFI, the technical oscillator showed that while the overbought area in LUNA is back in the low, the money flow is not as insufficient as the CMF.

Where is the next stop?

At press time, the next stop for Kona and Luna was on opposite sides. While new reports revealed that the South Korean authorities were working to revoke the founder’s passport, the currency was on its way to recovery.

CoinMarketCap Data show up LUNA has gained 8.43% over the past 24 hours. Meanwhile, volume was also up 39.49%, valued at $734,951,946, and despite the rally, LUNA traders may need to stick with higher expectations as the collapse from its current momentum never runs out of options.

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