Terra (LUNA) has gained the attention of investors again recently, following a settlement involving Terraform Labs, Do Kwon, and the U.S. Securities and Exchange Commission (SEC) on May 30, 2024. Market data indicates that LUNA was traded at $0.67, witnessing an 11.5% increase in the last 24 hours and a 11.6% rise over the past week.

Exploring the Potential Golden Cross Formation

LUNA's price had been consolidating for 46 days until a breakout occurred, leading to a significant 43% surge. Previously, on April 5, 2024, LUNA experienced a death cross, indicating a bearish trend when the 50-day simple moving average (SMA) dropped below the 200-day SMA.

Recent developments suggest a potential shift to a bullish trend as the 50-day SMA approaches a potential cross above the 200-day SMA, possibly forming a golden cross. This crossing pattern is seen as a positive signal, implying a potential upward trajectory.

Is $2 Within Reach for LUNA?

After the initial rally, LUNA's price retraced back to the top of its previous range in a 'break and retest' pattern. Analysts predict further growth with resistance levels identified at $0.7, $0.75, and $0.83. In case LUNA retraces back into its previous range, it might find stability with support levels at $0.62, $0.54, and $0.5.

The resolution of the SEC's fraud case against Terraform Labs and Do Kwon has been viewed positively, contributing to the price surge. Analyst Eric Cryptoman speculates that LUNA could reach $2 in the near future. However, Kwon's legal challenges are ongoing; he is currently under bail in Montenegro and faces potential extradition to the U.S. or South Korea for further legal proceedings.

Insights for Investors

Investors interested in capitalizing on the potential rally of LUNA should consider:

• Keeping an eye on the golden cross formation for entry signals.
• Identifying significant resistance levels at $0.7, $0.75, and $0.83 for profit-taking opportunities.
• Monitoring support levels at $0.62, $0.54, and $0.5 to manage risks effectively.
• Remaining informed about Do Kwon's legal matters as they could influence market sentiment.

In conclusion, Terra (LUNA) has seen a resurgence in investor attention post a notable legal settlement. The potential formation of a golden cross signals an optimistic trend, with analysts projecting further price increments despite the ongoing legal complexities surrounding Terraform Labs' CEO, Do Kwon.