Terra’s (LUNA) price is plunging very hard amid the deep bearish market sentiments towards the crypto. The price quickly slashed more than 90% in just 2 days, heading firmly towards 0. On the other hand, the stablecoin UST tanks by more than 50% trading below $0.5, indicating the possibility of getting the rug pulled.
The UST lost its ped a couple of days before, and in the wake of stabilizing it, the Terra executives dumped their entire BTC reserves. This led to the star crypto crashing below $30,000 and compelling it to maintain the same levels. Currently, the LUNA price is in extreme danger as the bears are powerfully headed to drag the price close to 0.
- Currently, the LUNA price is testing the crucial and the only support above 0 at around $4.86.
- If the price fails to hold test levels, then the next leg may be pulled extremely down towards the lower support at $0.18
- Very soon the price could add up a zero after crashing below zero, discovering new lows
- No doubt the recovery may be expected but its impact on the price may be negligible. As the asset may have lost the trader’s confidence
While some believed that traders may quickly jump in to accumulate a huge bag of UST at an extremely discounted price, it appears that the traders are no longer interested to burn their investment. Therefore, the prices of both Terra(LUNA) & UST stablecoin are falling mercilessly and may continue until it reaches the final destination
Source: https://coinpedia.org/price-analysis/terra-luna-price-hits-below-10-is-the-price-heading-towards-zero/