Gate News Bot Message, December 12th, according to CoinMarketCap market data, as of press time, LUNA (Terra) is reported at $0.18, down 24.30% in the past 24 hours, with a high of $0.25 and a low of $0.10, and a 24-hour trading volume of $453 million. The current market capitalization is approximately $125 million, a decrease of $40.26 million from yesterday.
Important Recent News on LUNA:
1️⃣ Ruling on Quan Du Xuan’s Sentencing Triggers Short-term Pullback Pressure
Terraform Labs co-founder Quan Du Xuan was sentenced on December 11 in the Manhattan Federal Court, marking a new phase in the legal proceedings following the 2022 TerraUSD collapse. The incident caused approximately $40 billion in market value to evaporate and was one of the most significant crises in cryptocurrency history. After the sentencing announcement, market speculation sentiment diverged, with profit-taking by short-term traders and adjustment of expectations jointly causing a sharp price correction, dropping rapidly from the previous high of $0.25 to $0.10, a 60% decline. This reflects the market’s re-pricing of risk assets after the legal certainty was established.
2️⃣ Technical Rebound Cycle Reaches a Stage Top
Over the past ten days, LUNA’s price increased by over 250%, but this rebound follows its existing technical structure pattern. Since forming a downward channel in mid-2022, each time LUNA touched the lower band of the channel, an oversold rebound would occur, historically including cases such as a 417% increase at the end of 2022 and a 185% increase in 2023. However, these rebounds were halted near the upper band of the channel and retraced, forming a complete cycle. Currently, LUNA has shown fatigue near the midpoint of the channel and has rapidly retreated, consistent with its cyclical behavior, indicating that rebound momentum has gradually waned following the legal event clarification.
3️⃣ Risk Asset Rotation Effect Diminishes Its Power
The previous sharp rise in LUNA was closely related to market expectations of a potential pardon for FTX founder SBF, reflecting a phase rotation of risk assets. However, such expectation-driven gains tend to be highly fragile; once profit-taking or expectation disappointment occurs, a rapid reversal ensues. The sentencing result on December 11 has become a watershed for market sentiment, with investors’ long-term risk awareness for this project increasing again, and the previously stimulated risk appetite sentiment quickly receding.
From the market performance perspective, the sharp plunge after LUNA’s short-term high reflects lingering doubts about its fundamental improvement prospects. Although on-chain trading volume remains relatively high at $453 million, the divergence between price and volume indicates significant selling pressure. Considering its historical volatility and investors’ long-term vigilance towards this project, close attention should be paid to whether it can find effective support near $0.10.
This news is not investment advice. Investors should be aware of market volatility risks.
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