Terra Classic (LUNC): a 30% drop threatens – Do Kwon in difficulty

© Reuters

Investing.com – Since the blockchain meltdown in May, South Korea’s prosecutor’s office and several regulators have had a vested interest in speaking with Founder Do Kwon personally.

He continues to let it be known on Twitter (NYSE:) that he will cooperate with the authorities. However, he does not feel able to have personal interviews, as he fears that he and his family will be harmed if the public learns of his whereabouts.

As part of the investigation into the fall of the stablecoins, the South Korean prosecutor’s office has found violations of securities law. On September 14, the authorities therefore issued an arrest warrant for Do Kwon, which still could not be executed.

In the meantime, Do Kwon has left Singapore, as announced by local authorities, and the prosecutor’s office has therefore requested Interpol’s assistance. Since then, Do Kwon has been the subject of an international search, while he continues to claim on Twitter that he is in no way on the run.

For this game of cat and mouse to end quickly, the South Korean prosecutor’s office announced yesterday that Do Kwon must surrender his passport. If he does not comply with this injunction, the document will be invalidated and will not be reissued any time soon. So it should be difficult for Do Kwon to enter other countries through official channels.

At the same time, the prosecution froze cryptocurrency worth $39.6 million which authorities say was transferred to two crypto exchanges. Do Kwon, however, denies being linked to these transactions.

Terra Classic – Technical Course Markers

The is down -2.03% today at $0.0002955, while the weekly gain stands at 6.35%.

The recent rally in the zone below $0.00020 has reached an interim high at $0.0003657. The 50 percent fibo retracement of $0.0003375 offered too much resistance and the bulls failed to reach a daily close above this level. This is however the sine qua non for the gains to be extended towards the 38.2% Fibo retracement of $0.0003975. The resistance found here is reinforced by the psychological level of $0.00040.

The downward movement from the last high continues towards the support of the 61.8% Fibo retracement of $0.0002775. If a sustained decline occurs below this level, expect a test of the psychological mark of $0.00020 and the 78.6 percent Fibo retracement of $0.0001921. Based on the current price, this corresponds to a loss of 30 percent.

By Marco Oehrl

Source link -95