- A pessimistic market attitude is revealed by Terra’s pricing analysis.
- In the past week, LUNA has been on a bull run.
- However, there are now indications that the price may be weakening.
Over the past 24 hours, the price of Terra LUNA has dropped significantly, losing more than 24% of its value. The price of the cryptocurrency is $2.97, down from its 7-day high of $3.78.
Related: Exchanges have been called out for posting “nothingburger PR” about the upcoming LUNC tax burn.
Weekly pricing chart for LUNA/USD
The robust rise that raised the price of LUNA from $1.943 to $7.0, an increase of more than 48%, helped the market reach its seven-day high. The price has dropped, though, and it appears that the surge has lost momentum.
The sell-off in the larger cryptocurrency market has coincided with the downward trend in the price of Terra LUNA. Over the past 24 hours, the prices of key cryptocurrencies including Bitcoin, Ethereum, and others have also decreased.
The sudden drop in the price of Terra LUNA is probably the result of traders taking profits following the previous gain. The $2.50 support level will now be the target for the bears as they attempt to drive the stock lower. The market capitalization is over $385 million, although the 24-hour volume, which is down to $1.6 billion, has increased.
A further slide towards the $2.00 level is anticipated if the bears manage to drive the price below $2.50. However, a return to the $3.00 level is feasible if the bulls can hold the $2.50 support level.
The past week has seen a roller coaster of activity on the cryptocurrency market. Following a brief period of stability, prices have started to decline once more, with several coins falling in value relative to the US dollar. Terra LUNA is one coin that has been hammered very badly.
1-Day price chart for LUNA
The 200-day MA is distant from the current market price, indicating that the coin has a long way to fall if the market trend continues. The moving average (MA) is above the price candles, indicating that the market is in a downtrend.
Related: The Algorand Foundation says that it owes Hodlnaut $35 million.
Overall, the price of Terra LUNA is under pressure, and it is possible that it will continue to fall near the $2.00 level. Bullish momentum is required to raise the price back above $3.00.
