Terra Price Analysis: LUNA Plunges 75% in 24 hours, Why is the Cryptocurrency Price Crashing?

Terra(LUNA) has had a cyclonic week with the cryptocurrency falling at a whooping rate.
The crypto asset is experiencing drastic days as the whole cryptocurrency market starts rallying bearish notifying the bear market.
The pair of LUNA/BTC is at 0.0002622 BTC and has lost 75.33% in the intraday trading session.

Terra Price plunged around 75% below $10.00 in the last 24-hours with the token falling over 90% in the last seven days amid the crypto collapse. Terra token’s price fell more than 90% from its record highest peak of $119.8 it hit in April 2022. The cryptocurrency shot to eminence prior this year, when no-profit Luna Foundation Guard, a branch of Terraform labs, the Pillar behind TerraUSD, guaranteed to gather $10 billion value of Bitcoin to support its dollar peg.

The research proclaimed that Terra(LUNA) has had a drastic week with the token tumbling at a whooping rate, plunging from a steady price of $88. The catastrophe began when its algorithmic Stablecoin TerraUSD (UST), pegged against the Dollar. Meanwhile, Binance, the giant of all crypto exchanges, temporarily terminated the withdrawal of LUNA and UST. All this led LUNA to crash, dragging it out of control in this bear market. LUNA coin price fell below an ascending channel. Now immediate support for the LUNA coin resides at $4.00.

The Terra price is drastically falling in the current bearish rally. LUNA must gather support from buyers and need to find support at $4.00. Volume change can be seen under control of bears and selling pressure is increasing with each passing hour during the intraday trading session. Terra investors may expect a pullback from the $4.00 respective level and terra may start surging from there. However, the Cryptocurrency market is well known for its high volatile nature, as soon as BTC opposes current rally other altcoins may approach for good old trading sessions.

‘Bear Market’ at the Doorstep

Wide Spreading panic of Terra following up a bearish rally over the daily chart. This panic is ripping the investor’s hopes apart and exaggerating the situation making it more complex for LUNA to surge. LUNA investors need more patience to look for a level of sustainability. Technical Indicators suggest LUNA being extremely oversold at the moment.

Relative Strength Index showcases LUNA in extreme oversold territory and heading deep inside. RSI is at 15 and investors can’t predict anything at the moment.

MACD exhibits strong bearish momentum of the LUNA coin. The MACD line is below the signal line after a negative crossover.

Conclusion

Terra Price plunged around 75% below $10.00 in the last 24-hours with the token falling over 90% in the last seven days amid the crypto collapse. The Terra price is drastically falling in the current bearish rally. LUNA must gather support from buyers and need to find support at $4.00. Technical Indicators suggest LUNA being extremely oversold at the moment.

Technical Levels

Support Levels: $4.00 and $2.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.