Terra Classic (LUNC): Are Do Kwon and LFG safekeeping LUNA tokens?

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Investing.com – Founder Do Kwon remains the subject of an international arrest warrant issued by Interpol. At the same time, the South Korean prosecutor’s office froze bitcoins worth more than $40 million. The authorities are convinced that Kwon transferred these BTCs to cryptocurrency exchanges.

While Do Kwon denies being on the run from law enforcement authorities and behind the transactions mentioned, there are indications that he is trying to get rich off the new blockchain.

After the collapse of the TerraUSD, which also brought the Terra LUNA down with it, Do Kwon launched a new blockchain. The community shaken by the crash of the coins was to be compensated by causing airdrops of the new Terra LUNA tokens. Do Kwon and TerraForm Lab claimed that they will not receive any of the new tokens.

The community has watched this development with skepticism, and the clues that Do Kwon is trying to get money are piling up again. Terra whistleblower FatManTerra claims that several hundred thousand LUNA were transferred to Binance from a wallet that Do Kwon has access to. The LUNA Foundation Guard also allegedly sent LUNA to Binance via Do Kwon Shadow Wallets in parallel. In total, we are talking about a seven-figure amount.

Terra Classic Technical Course Marks

The fell -1.71% to a price of 0.0002827 dollars, while the weekly loss amounted to -4.49%.

Following the formation of a high at $0.0003168 on Monday, selling pressure increased and the 61.8% Fibo retracement at $0.0002775 was tested yesterday. The bulls have certainly managed to avoid a daily close below this level, but this support is currently being tested again.

Terra Classic (LUNC/USD)

If the Fibo retracement of 61.8% is permanently pressed, we should expect an extension of the downward movement towards the psychological threshold of $0.0002000. This support is reinforced by the 78.6% Fibo retracement at $0.0001921.

Only if one manages to defend the 61.8% Fibo retracement is there a chance of a rally towards the 50% Fibo retracement. Beyond that, focus would shift to the 38.2% Fibo retracement of $0.0003975.

By Marco Oehrl

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