- The Terra Luna price is down by over 12% during the ongoing session, as it slipped below the 20-day SMA.
- LUNA was fairly positive through the week and had pushed up to $59.61 on Wednesday.
The Terra Luna price has registered a significant drop during the ongoing session, as bearish markets forced the price down considerably. LUNA had started the week on a fairly positive note, rising by 1.77% on Monday. On Tuesday, the price continued to push higher, going past the 200 and 20 bar SMAs and rising to $54.78. Wednesday saw the bullish sentiment continue, with the price rising to $59.61 before dropping back during the ongoing session.
Terra Luna Price Chart Indicates LUNA Could Drop to $50
The Terra Luna price started the previous week on a fairly bullish note, pushing above the 20-day SMA on Monday. The price continued to push higher from this level, rising to $56.86 on Tuesday. The price fell back on Wednesday, dropping by 1.39% and then crashing by over 10% on Thursday, slipping below the 20-day SMA and settling at $50.29, where the 200-day SMA acted as support. As a result, LUNA recovered on Friday, registering a marginal increase.
Image: LUNA/USD daily
The weekend saw the Terra Luna price back in the red, as the price fell marginally on Saturday before dropping below the 200-day SMA on Sunday and ending the weekend at $49.30. However, despite the bearish sentiment, LUNA was able to make a strong recovery, rising by 1.77% on Monday. On Tuesday, LUNA surged by over 9%, pushing above the 200 and 20-day SMAs and moving to $54.78. On Wednesday, the price continued to push higher, rising by almost 9%, before dropping back during the ongoing session.
We can see that the MACD is currently bearish, but if the price continues to drop, we could see it flip to bearish.
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Image: LUNA/USD 4-hour
Looking at the 4-hour Terra Luna price chart, we see that LUNA had pushed up to $52.32 on the 19th. The price fell back from this level, dropping to $48.31, before making a strong recovery and pushing above the 20-bar SMA, rising to $52.02 on the 21st. LUNA continued to push higher and moved to $53, above the 50-bar SMA. The price fell back from this level, dropping below the 50 and 20-bar SMAs and falling to $48.85 on the 22nd. LUNA surged from this level, pushing past all three SMAs and surging to $59.95, before dropping back below all three SMAs and moving to its current level of %52.
We can see that the Parabolic SAR and MACD have flipped to bearish, indicating that we could see the price drop further.
Terra Luna Outperforms Top 10 in Gains as Crypto Market Rebounds
Per CoinMarketCap data, Terra (LUNA) was up nearly 15% recently. The cryptocurrency market posted a rebound as the total market valuation increased by 5.47% to stand at $1.76 trillion just a day ago. LUNA, the native token of smart contracts blockchain Terra has outperformed the top 10 cryptocurrencies in terms of gains over the 24 hours, thanks to rising investor optimism.
Terra outpaced lead asset Bitcoin (BTC), which gained over 4%, and Solana, which has gained 7.10%. Avalanche (AVAX) cryptocurrency, up 12%, was another big gainer in the top 10. Luna Foundation Guard's (LFG) plan to develop a Bitcoin-denominated reserve as an additional layer of security for UST, whose value is fixed 1:1 to the U.S. dollar, aligns with LUNA's recent price improvements.
LFG also stated that it had raised $1 billion in private token sales to add to its Bitcoin reserve, with buyers agreeing to lock up their coins for a four-year vesting period. Jump Crypto and Three Arrows Capital were among the investors in the funding round.
Apart from that, Terra's LUNA token is one of the most talked-about cryptocurrencies on the market, despite its lackluster performance over the last three months, according to Santiment.
LUNA is seeing the greatest discussion surrounding the token since October, per social metric, indicating incoming buying power from retail investors. The increase in social volume may likely have contributed to the recent price increase.
LUNA Price Is Expected To Reach These Levels
The Terra Luna price chart shows us that LUNA has been highly bearish during the ongoing session. If the current bearish sentiment persists, we could see LUNA drop to $50.
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