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LUNA’s 8% surge may be noteworthy but a trip down south may be on the cards

LUNA’s 8% surge may be noteworthy but a trip down south may be on the cards

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Earth Moon founder Do Kwon may face despite the heat acting like the South Korean arrest warrant was not his concern. In a new twist, things seemed to work against Kwon after Bloomberg report showed him facing challenges in faraway Singapore.

According to the report, Kwon had difficulty renewing his work permit or registering a company in the country.

LUNA-tic movement still

However, the founder of the project was not the only one who struggled. LUNA, whose collapse forced the market to capitulate in May, was also in ruins on a weekly basis. According to CoinMarketCap, LUNA’s weekly return was down 47.51% on the list at press time. This result was the worst among the top 100 cryptocurrencies by market capitalization.

Interestingly, this decrease came from LUNA’s 200 percent rally a few days ago. Although there was talk that it was still a pump and dump, the overall performance may prove the suggestions correct. However, it seemed that LUNA was not one with her swing.

Based on the price movements on the charts, LUNA had a similar move over the past week, leading to significant declines. On September 12, there was a case where the candlestick pattern was swallowed. Thanks to this pattern, LUNA fell from $5.41 to $3.95. It was a similar case on September 14, when LUNA fell from $4.52 to $2.45.

Source: TradingView

The Relative Strength Index (RSI) showed that LUNA had fallen under the pressure of an overbought zone. The RSI then revealed that LUNA buyers were trying to recover as it held at 45.13.

Source: TradingView

However, Chaik’s Money Flow (CMF) and Money Flow Index (MFI) were conflicting opinions. According to CMF, cash flow was not under the control of buyers, its value was -0.06.

As for the MFI, the technical oscillator showed that while LUNA’s overbought territory was once again under, the money flow was not as inadequate as CMF.

Where is the next stop?

At press time, Kwon and LUNA’s next stop were on opposite sides. Although new reports revealed that South Korean authorities were working to revoke the founder’s passport, the coin was on its way to a revival.

CoinMarketCap data seemed that LUNA had gained 8.43% in the last 24 hours. At the same time, the volume also increased by 39.49% and was valued at $734,951,946. Despite the rally, LUNA traders may have to pause due to high expectations, as a collapse of the current momentum is never out of the question.



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