After the wipe-out of the original Terra LUNA, it is the turn of the new LUNA token to save founder Do Kwon’s reputation in the volatile crypto market.
Terra LUNA, also known as LUNA 2.0, showed extreme volatility at launch. Initially, at the time of re-release, it showed massive gains, rising from $0.5 to $30.
But the massive gains were wiped out in a frenzy of sales. The price came crashing down to $3.5 and has never shown the same appreciation again.
Post LUNA 2.0’s price depreciation, it hasn’t shown the same ability to pick up its price. The reason could be investors’ lost trust in Do Kwon.
As a result, Bullish momentum depleted, and we no longer see gains. Although LUNA hasn’t shown the same recovery, it has created equal highs around the level.
But LUNA”s recovery attempts have been nothing less than red herring – all smoke, no fire. At the time of writing, LUNA’s price shows a rise of 12.77% in the past 24 hours.
The trading volume of over $107 million points to bull getting in on the action. The recent rise could once again point to a breakout.
But before you get excited, it is in your interest to remember that LUNA has previously flattered to deceive.