$LUNC Legal implications: The value of LUNC dropped by 16.6% after founder Do Kwon received a 15-year prison sentence, leading to widespread selling.
Negative charts: Prices broke below the key moving averages (EMAs) with the Relative Strength Index (RSI) at 39.3, confirming seller dominance and downward momentum.
The great escape of capital: Large outflows indicate severe selling pressure and declining confidence among investors following the news.
Ecosystem developments: Despite the prevailing pessimism, the network upgrade (v3.6.1) and ongoing staking and burning mechanisms may provide long-term potential.
Negative momentum dominance
LUNC is down by 16.6%, trading below the major moving averages (EMAs). The RSI indicator at 39.3 indicates strong selling pressure, with nearby support at the lower band of the Bollinger Band at $0.00004336.
The founder's sentencing triggers a sell-off
The news of Do Kwon's 15-year imprisonment caused a sharp price drop and triggered strong negative sentiment, overshadowing the upcoming positive network upgrade (v3.6.1). 🔗
Earn and stake coins $LUNC
You can increase your LUNC holdings through flexible Binance Earn products. Participate in staking to earn rewards and contribute to the ongoing token burn mechanism in the network.
Key levels to watch
Watch for potential support at $0.00004336.
The resistance level is now close to the exponential moving average (EMA) at $0.00004739.
