The LUNA 2.0 price appears to be stabilizing above the middle range, resulting in lack of volatility. This price movement follows an enormous surge over the upper end, indicating that investors are taking gains.
The price of LUNA 2.0 will plunge
The price of LUNA 2.0 set a target of $3.50 to $10.20 and it fluctuated within this range. The cryptocurrency jumped 137% to break through the high zone at $10.20 after creating a low at $4.98 on May 28.
Though this was an outstanding climb, profit-taking by investors resulted in a 42% drop. This pushes the LUNA 2.0 price to the mid level of $6.85. The chances of a drop appear to be greater as the freshly started relaunch of LUNA tumbles with this level.
As this high range has just been cleared, investors should expect the low range around $3.50 to be swept away soon. The bulls will have a chance to recover around the $4.98 support level if the decline continues. If that fails, the price of LUNA 2.0 will drop to $3.50.
This would be a 45 percent drop in total, and the price of LUNA 2.0 is likely to be capped at this point.
Although the price of LUNA 2.0 is now pessimistic, a short increase in the price of Bitcoin could change your mind soon. In this case, the downtrend will be invalidated if LUNA 2.0 price creates a four-hour candle near $10.20 and converts it into a support level.
Do Kwon’s Success All Because Of Nepotism
Meanwhile, Despite the fact that Terra CEO Do Kwon announced the new Luna 2.0, the initiative appears to have lost its credibility. Even the rollout of the new blockchain occurred amid heated controversy over Do Kwon investment following the crash, which resulted in the loss of billions of dollars.
Kwon’s name first caught the eye in 2016 after receiving a $550,000 grant from Infobank, a Korea-based communications company. Kwon’s first company, Anify, which provided a peer-to-peer communication system, secured the investment.
According to FatMan, who quotes a report, Kwon acquired the investment due to nepotism. As per reports, Kwon’s connections with the CEO of Infobank helped him secure significant money.
Now, only time can reveal the price of LUNA 2.0 and the fate of Do Kwon in the coming days.
