Traders reacted quickly to the news. LUNA dropped 10 cents to $1.40 on Thursday. According to CoinMarketCap data, the price of Luna Classic tokens fell by only 3.7%.
Montenegrin police have detained a person suspected to be one of the most wanted fugitives, South Korean national Do Kwon, co-founder and CEO of Terraform Labs based in Singapore as per a Tweet by Filip Adzic.
The former "crypto king," responsible for losses of over $40 billion, was apprehended at Podgorica airport with fake documents and is being sought after by South Korea, the United States, and Singapore.
Terra (LUNA) and Terra Classic (LUNC) prices fell after Terra co-founder Do Kwon was arrested. Despite the community's dissociation from Do Kwon following the Terra-LUNA dispute, LUNA's price declined by 8% and LUNC's price fell by 4%.
Do Kwon, who had been on the run since the crisis began, was apprehended on Thursday in Podgorica, Montenegro. The Interior Minister of Montenegro confirmed that Do Kwon was detained at the Podgorica airport, where he was suspected of attempting to leave the country once again. The country's prime minister reposted Adzic's tweet.
With the collapse of LUNA and UST in May, which wiped out tens of billions of dollars from the market, Kwon is presently facing investigations in the United States and his own country of South Korea.
His whereabouts were unclear for many months, with Kwon earlier denying that he was on the run — and his whereabouts kept hidden of worries for his safety.
Interpol had published a red alert for Kwon, indicating that law enforcement authorities throughout the world were urged to identify and detain him ahead of extradition.
Terra's current price is $1.35 USD, with a 24-hour trading volume of $112,718,214 USD. Terra has dropped by 3.37% in the last 24 hours. It has already recovered from the 8% fall on 23 March. The market capitalization is $322,842,510 USD. It has a total circulation quantity of 239,051,837 LUNA coins.
The price of Terra (LUNA) saw an 8% decrease in a single day after news of co-founder Do Kwon's arrest in Singapore circulated. Currently, the price has hit the support line at $1.33. However, there are two resistance levels ahead at $1.51 and $1.58, which the price has not yet reached.
The trendline is currently indicating a Declining channel pattern, suggesting a future bull run once the price reaches a distinct base. Currently, the RSI is at 40, indicating a neutral zone.
Overall, the current price analysis for Terra (LUNA) shows a bearish trend due to the recent news regarding Do Kwon's arrest. However, the support level at $1.33 may indicate a potential reversal, and the Declining channel pattern suggests a future bull run.
Traders should keep an eye on the resistance levels at $1.51 and $1.58 for potential selling opportunities, while also monitoring the support level at $1.33 for potential buying opportunities.
On a daily chart, Terra (LUNA) has lately been witnessing a fall in its trading price, with the current price lower than the 50-day moving average of $1.68. In contrast, the price action has been building a falling flag pattern, which is a bullish continuation pattern that often suggests a potential upward price rise after a particular point in the pattern is reached.
If everything goes as the prediction, Terra LUNA could see a significant rally up to $2.28, a potential 70% increase from its current trading price.
Moreover, Terra LUNA's 14-day Relative Strength Index (RSI) is now at 38, which is considered a near-oversold territory. This indicates that the asset is reaching a point where it may be oversold, potentially presenting a buying opportunity for traders hoping to join the market at lower prices and profit.
While there is no assurance that the Terra LUNA price will climb as anticipated, the falling flag pattern and near-oversold RSI zone signal that a positive trend is possible in the near future.
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