Terra price analysis: LUNA falls below $10 as the market bleeds out

TL;DR Breakdown

• Terra price analysis suggests a downwards movement to $1.00
• LUNA faces strong bearish pressure as the sell-off continues
• The closest support level lies below $5.00

The Terra price analysis shows that the bears have bled out more than 85 percent of the asset’s price action and the sell-off shows no sign of stopping anytime soon. 

The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include AVAX and FIL, with a 19.31 and a 14.97 percent decline respectively.  

Terra price analysis: LUNA falls below $10

Across the technical indicators, the MACD is currently bearish, as expressed in the red color of the histogram. Furthermore, the darker shade of the histogram shows an increasing bearish momentum across the short-term charts as the LUNA price freefalls, shedding more than 85 percent of its market cap over the last seven days. If the freefall continues, LUNA might be falling to decimals for the first time in more than a year. 

The EMAs are currently trading low as the Terra price analysis shows a net bearish price movement over the past five days. Furthermore, the 12-EMA still moves with a steeper gradient from the 26-EMA suggesting an increasing bearish pressure across the short term. This is dangerous for LUNA traders which have already observed a bloodbath for the better half of May. 

The RSI has been trading low near the oversold region since 5 May, showing a bearish trend across the mid-term charts. The indicator dived into the oversold region on May 8 as the selling pressure increased and has continued to delve deeper into the region as the market observed a steep crash. 

The Bollinger Bands are wide at press time as LUNA observes record high price volatility across the 4-hour charts. Currently, the bears dominate the market as traders sell to escape a dying market. At press time, the indicator’s bottom line provides support to the bulls at $4.28, while the mean line presents a resistance level at $44.35. 

Technical analysis for LUNA/USDT

Overall, the 4-hour Terra price analysis issues a strong sell signal, with 16 of the 26 major technical indicators showing support to the bears across the timeframe. On the other hand, none of the indicators support the bulls, showing little to no bullish presence in recent hours. Meanwhile, the remaining ten indicators sit on the fence and do not issue any signals at press time.

The 24-hour Terra price analysis shares this sentiment and also issues a strong sell signal with 17 major technical indicators suggesting movement downwards against only one of the indicators suggesting an upwards movement. The analysis reinforces the bearish dominance while showing a slight bullish pressure across the mid-term charts. At the same time, eight indicators remain neutral and do not support either side of the market.

What to expect from the Terra price analysis?

The Terra price analysis shows that the LUNA market is dying as the traders sell-off to escape before the price falls back to below $1.00 levels. This is evident in the statistics that show a price drop of over 87 percent over the last seven days. The drop is more significant from the asset’s all-time high of over $110.

Currently, traders should expect the Terra price analysis to continue crashing as traders flee from the bleeding market. The following sell-off would only increase the bearish dominance as the price continues to fall.

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