Terra LUNA Mooning! | Binance CEO Destroys Do Kwon & Terra LUNA
Why that is some recent drama between the binance, ceo and dokwan, and the recent news there and then we are going to dive into some chart analysis and price predictions for luna. So lets jump right in so, first of all, you can see its been quite a 24 hour turnaround for luna um weve been moving to the upside uh, pretty significantly um, and you know a lot of this. Is you know due to the fact that people have seen the rsi so low its gotten to such a low point that you know people can pick up hundreds of thousands of luna coins for pennies on the dollar, so um were starting to see. You know just essentially opportunists, saying hey, you know its so low at this point. What do i have to lose um and now were seeing it kind of pick back up and well get into some chart analysis here in a minute, but first of all, uh dokuan did put out late last night. Another update, um, you know really just expressing you know his. You know issues and expressing how he feels about uh. What happened? Obviously hes saying hes. Sorry, you know, i think a lot of people are saying: hey sorry, it doesnt bring back my 100k or my 10k. Whatever you guys had in there um, but you know he said theyre working on it. He said that they havent uh, you know, profited profited from it or any institutions that are related to luna have profited from it.
You know whether you believe that you know you kind of need to take his word on it uh, but at the same time you know up until this point he has been pretty transparent, but you know it has been a little bit discouraging to see the way That hes hes changed a bit right. I mean he kind of went dark for you know almost an entire day when this happened, you know and just kind of said he was working on things um. You know its really really clear. Based on these comments, uh that people dont dont buy it um, and you know i dont know if i buy it either and um. You know its its really sad to just see this see this kind of fall in real time, but the real news here is that the binance ceo um – and this is just i believe, just yesterday late yesterday um, he essentially posted a whole thread calling out luna Calling out its management calling out the integrity of the actual ecosystem um, and for those for those of you who dont know cz. The ceo of binance is one of the most well respected uh leaders in the crypto space. So this does have weight. He knows what hes talking about um, and so i just highlighted kind of some of the key points of this thread, its quite a long thread, but i think these are kind of some of the key points that we should be uh diving into.
So this was actually the real reason why uh binance de listed luna so heres what he was saying. So this actually affected users hes saying some of our users, unaware of the large amounts of newly minted luna outside the exchange, started to buy luna again without understanding that, as soon as deposits are allowed, the price will likely crash further. So essentially, anyone buying luna off of binance immediately was absorbing downside risk without being provided the information necessary to actually call that out for themselves. So hes saying you know, thats almost an irresponsible communication from luna from dokwan that actually caused a ton of people. You know thousands of people to lose a lot of money, so here hes, essentially calling out the communication of the team hes calling out the integrity of the team, and he prefaces uh this next tweet by saying he usually doesnt, call people out. But then again, this is big time. He says i am very disappointed with how this ust luna incident was handled or not handled by the terra team, and he said that they requested their team to restore the network, burn the extra minted luna and recover the ust peg, but so far they have not Gotten any positive response or much response at all. Now this is late. Last night i dont know if theyve gone uh back and forth since then i i its possible that the plan had been released before uh. Sorry after this came out and were gon na get into uh czs reaction to the terra luna plan that we covered yesterday in the video, but just to see him essentially call out the third largest stablecoin, the third largest um.
You know stablecoin founder and say: hey, you know this was not legit, you know the way that they the way they handled. This was not legitimate. You know this is big time for cz to call this out. Hes. Typically, a pretty quiet, humble guy, he doesnt really call out other people for him to step up. I think he sees it as a legitimate threat to the integrity of crypto to the integrity of you know, other ecosystems, other protocols and also trying to just defend. You know investors um, you know best interests right, um. You know, i think, its its really really cool to see him stepping out of the box here and its starting to get picked up by major uh news outlets as well and other crypto um websites and basically saying you know cz basically came out and said: hey You know actually infinity handled this way better than tara. You know tara really disappointed uh in the fact of what i thought it was and what it turned out to be so again. This is just really interesting to see him coming out to the forefront, ive. Never seen him do this before ive been following him for a couple years and its just really really interesting to see him attacking dokuan and tara. He clearly sees an issue here, and this is this is almost somewhat uh, very, very subtle, hes, almost accusing dokwan and tara of stealing um, and now i want im not im, not saying that this is what hes saying it just really sounds like that.
Um and ive highlighted the persian portion of this tweet that alludes to that, but this is his official response to the action plan that we covered yesterday. So he said this is just his personal opinion, but it wont work because forking does not give the new fork any value but thats wishful thinking. One cannot void all contracts after an old snapshot both on chain and off chain exchanges, and the last thing he ends it on is: where is all the btc that was supposed to be used as reserves? Now you guys were actually asking me this in the comments of my last video too and im, i was kind of like shrugging my shoulder saying: hey dokwan should probably update us on this right, um and its just really really interesting for him to be saying: hey, Like this is almost uh in terms of the quality project, this is almost a shady scam that its turning into right and so hes kind of sick of it. Hes saying you know, this plan is basically fugazi its fake, its not going to work um, so hes, essentially calling luna, dunn and hes saying uh. This is what he would have done, instead of the plan that they released uh, so hes, saying reducing this. Reducing supply should be done via burn, not fork at an old date and abandon everyone who tried to rescue the coin, and this is exactly. I think this is probably the most popular uh comment i got on the last.
Video was that people were literally stuck trying to. You know basically catch the falling knife that was luna. That was the chart. You know trying to uh basically place buys as it was falling and essentially theyre the ones you guys are the ones trying to rescue the coin if youre buying it in free fall, hoping for a bounce, and essentially you guys called this out too um. You know that plan that we covered yesterday it did not take into account any of the people that were buying it on the downswing before that dpeg or sorry after the dpeg right. It only was rewarding people before the de pegging uh and then before that uh. That chain halt right, so i i think he you know, sees clearly disgusted. Hes posted at this point, 10 to 20 tweets on this um ive kind of highlighted and cherry picked, the most important ones for you guys. But this is big time because i dont believe now. I i dont believe that the tara luna brand can make it back. Can you toss a couple bucks in here and maybe make something back on a gamble? Absolutely, but at the same time this is crazy. Bad uh for the luna brand and its kind of sad to see but were going to finish off here with some chart analysis. Obviously, no video is finalized without a good little chart peak. So lets take a look at this. First of all, i have never ever seen and kudos to all you guys that were watching the chart um, but i have never seen an rsi this low in my entire life uh.
So the rsi just to give you um a little bit of a background. The rsi right tells you whether you know something is overbought or oversold. This is oversold. This is overbought. Typically, you dont want to be. You know touching something thats overbought its likely going to fall relatively quickly after that, but 9 times out of 10. You see uh assets literally just trending up and down within these uh brackets between the 30 and 70 mark, and what weve seen with luna is almost the exact opposite. Weve seen it trend under 30. So its been oversold, for you, know five days, essentially a little bit less than five days um and its been incredible to see people you know opportunists, basically saying hey. This thing is so low, so oversold it cant get much worse and those people were right. I mean weve had a insane rally. The last few days were talking almost ten thousand percent over ten thousand percent at its highest point um. So it is just crazy to see uh. You know whats going on with uh tara luna right now, but were gon na look at some key levels here, just for you guys who are involved, who are maybe looking at tossing a gamble in here, i i will say im gon na preface this uh, i Dont think tara luna has a ton of hope right now long term, but you know there is such little downside risk that i understand uh why people are kind of giving it a go and tossing some funds in um.
So i want to help you guys out here with some chart. Analysis lets dive into a couple key levels. So, first of all what kind of led to this um? You know extreme kind of pump here right because we were slowly climbing up and then we had this crazy little pump just earlier today and we were able to break this previous resistance right. We had this kind of resistance level here we break it right here and then you can see these green candles all much larger than the previous two, and once we break that support, we go into overdrive up to this high. We get rejected here and now were kind of slowly inching back up, and what you can see is that we actually uh from a longer term perspective. We flipped this resistance into support here and you see that bounce and then you see once we lock in and confirm that that has flipped. You see some movement to the upside and then moving to the upside again. But the real question is you know how long does this last? Where could it be headed next um? Obviously, fundamentally, you know luna is pretty much shot but uh. You know there is still buying pressure, which is cool to see. So what ill do is ill draw? A fibonacci extension to give us somewhat of an idea of what some of the next key levels could be. So you guys can kind of keep an eye out here.
So whats happening right now is um. We essentially bounced off of the 236 fib twice already, so we did it here. We did it here uh and then we tried to stand on top of the 382 fib to then run to that all time. High again we tried here we did not. We fell back down below it so right now. The key support that we have to maintain is this two three six fib that is triple zero. Three – and i apologize – i not great at math to be honest, so uh reading these set numbers are gon na, be a little difficult, so im just gon na, say the number of zeros and the numbers so uh triple zero. Three uh is kind of where that two three six fib is thats. Our you know support right now, um looking at it from a longer term perspective, we would need to bounce off of this to then get another shot at the uh 382 fib, which is triple zero. Four, then, if we stand on top of this, we need to look to triple zero five um and that was kind of uh. You know essentially a double resistance. Here we kind of got uh shot down twice, so you know you could even make the case that thats a double top and we can maybe you know, come back here and go down so theres, always a bearish uh case there um, but at the same time, For those kind of looking uh to the upside past that resistance uh here so again, this 618 at triple zero six is kind of this major resistance, so were playing.
You know with a solid percentage from that most recent high right, i cant say all time high, because that was a while back now for luna um, but thats kind of where were playing right now it looks like were getting you know, a green candle here, foreman. Well see what happens um but above that were looking at zero, zero, seven and zero zero eight for that seven, eight and the one fib. So hopefully, if we break through this resistance were going to be playing in this area. Now i dont really know uh whats going to happen because you guys need to keep in mind uh. There were people loading up on luna. You know back um here right, so theyre gon na have theyre gon na be taking some profits. At some point we saw that here and then we saw some sell off here um, but people who are purchasing all the way back here uh. You know i dont know if it could make a run enough here to sustain the buy pressure with all these people. Uh, you know back here looking to take profits right, because this is kind of a um. You know last one to get out get screwed kind of thing right, so people are watching this carefully. Um – and you know you just dont – want to be the last one hanging onto the bag, so definitely a very, very risky play, but just want to give you guys the chart out.
Look if you are looking to get involved, but that about does it.