- The Terra Luna price is down by almost 7% during the ongoing session, as bearish sentiment drives LUNA down.
- LUNA had made a fairly strong start to the week and had surged to $59.61 on Wednesday.
The Terra Luna price has registered a significant drop during the ongoing session, as selling pressure forced the price down considerably. LUNA had started the week on a fairly positive note, rising by 1.77% on Monday. Tuesday saw the bullish sentiment persist as the price moved past the 200 and 20-day SMAs, moving to $54.78 after an increase of over 9%. Wednesday saw yet another increase, as LUNA pushed up to $59.61 before turning bearish and dropping during the ongoing session.
Terra Luna Price Chart Indicates 20-Day SMA Could Act As Support
The Terra Luna price started the previous week on a bullish note, rising by 4.15% on Monday and pushing above the 20-day SMA. Tuesday saw LUNA continue to push higher, rising by almost 6% and moving to $56.86. However, after reaching this level, the price fell back, dropping by 1.39% on Wednesday. On Thursday, the price registered a significant drop as it crashed by over 10%, slipping below the 20-day SMA and settling at $50.29, where the 200-day SMA was acting as support. As a result, LUNA was able to register a marginal recovery on Friday, rising by 0.66%.
Image: LUNA/USD daily
The Terra Luna price fell back over the weekend, registering a marginal drop on Saturday and then falling below the 200-day SMA on Sunday, ending the weekend at $49.39. Monday saw LUNA recover, as it rose by 1.77%, moving to $50.17, before surging by over 9% on Tuesday, pushing above the 200 and 20-day SMAs and settling at $54.78. Wednesday saw the bullish sentiment persist as the price rose to $59.61. However, LUNA could not push to $60 and registered a sharp drop during the ongoing session.
We can see that the MACD is bullish, but if the price continues to drop, we could see it flip to bearish.
More On Terra: Terra (LUNA) Price Prediction
Image: LUNA/USD 4-hour
The 4-hour Terra Luna price chart shows us that LUNA had dropped to $50.29 on the 18th and then registered a marginal increase, rising to %51.29. The price fell back from this level, falling to $49.54 before pushing up to $52.32. The price fell significantly from this level, dropping to $48.32 on the 20th, before recovering and surging past the 20-bar SMA and rising to $52.02. The price continued to push higher as it moved above the 50-bar SMA, rising to $53.01 before registering a sharp drop, falling back below the 50 and 20-bar SMAs and dropping to $48.85 on the 22nd.
We can see that the Parabolic SAR has just flipped to bearish, indicating that we could see the price drop further.
LUNA Price Is Expected To Reach These Levels
Looking at the Terra Luna price chart, we see that LUNA has registered a sharp drop during the ongoing session. If the current session persists, we could see the price drop towards the 20-day SMA, which could act as support. However, if sellers manage to break this level of support, LUNA could drop to $50.