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Terra rose from the dead? LUNA price increases by 300 percent in September

 


Terra has become a controversial blockchain project after the collapse of its native token Terra ( LUNA ) and stablecoin TerraUSD ( UST ) in May. However, recent price gains cannot be ignored if you are a crypto trader. 


LUNA: Risen from the dead?

 LUNA development in September is particularly interesting as the value has since risen by over 300 percent after a long stagnation.


Terraform Labs, the company behind the project, has split the old chain into Terra Classic (LUNC) and Terra LUNA 2.0 (LUNA/LUNA2).


In this context:  Terra boss Do Kwon is looking for a lawyer, the authorities are probably preparing charges


Terra Classic is the original version of the Terra blockchain and LUNA 2.0 was created by Terraform Labs founder Do Kwon to bounce back from the collapse. Kwon and his team have regularly airdropped the LUNA2 tokens to users affected by the collapse of Terra.


For one, a governance proposal has been adopted at Luna Classic (LUNC) that imposes a 1.2 percent tax on all on-chain transactions. With that, 1.2 percent of the LUNC supply is burned for each on-chain transaction .



Also, self-proclaimed Terra whistleblower FatMan reported a suspicious transaction worth 435,000 LUNA2 tokens to Binance, claiming that the sender was TerraForm Labs:


"I had lunch and saw the pump at LUNA2. I checked TFL Dawn's wallet. And indeed, after months of farming rewards with the airdrop they allegedly never received, they all did just a few days ago LUNA 2 that were on the wallet sent to Binance. And that's just that address alone."


However, Do Kwon has denied these allegations.


The sharp surge on September 9th came a week after Terra accepted a proposal to conduct a second airdrop of over 19 million LUNA tokens by October 4th.


From a technical point of view, there is a risk that LUNA will correct massively in the coming days.


For one, the RSI on the four-hour chart has surged above 70, entering overbought territory. So a correction is likely. Second, a rising wedge has been forming on the chart since September 9th, which is considered a bearish reversal pattern.

A rising wedge forms when price continues to trend higher within a rising range. The upper and lower limits gradually converge. This pattern dissipates when price breaks below the lower trendline on high trading volume.


On September 11th, LUNA tested the lower trendline of this wedge where a breakdown could have occurred. The price could fall by the maximum height of the wedge.


That means LUNA could drop to $4.5, down 30 percent from the September 11 price.

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