Terra’s (LUNA) price in recent times has surged notably despite the market odds like chopping of the popular crypto assets, external FUD, etc and many more. The price smashed a 3-digit figure a couple of times when the BTC & ETH prices maintained a stagnant descending trend. Now when the top 2 cryptos are trembling hard, the LUNA price instead of decoupling with the market trends, is going hand-in-hand and may shed heavily in the upcoming days.
The LUNA price in recent times, when it ignited a strong uptrend maintained the lower trend line firmly. Each time the price smashed the line, flipped magnificently to regain the levels beyond $100. However, in the present time, the price was ranging within a resign wedge which was expected to undergo a break down anytime. And woefully, the time appears to have approached now.
As per a popular analyst, the LUNA price is primed to retest the lower support close to $50, somewhere around $58. Moreover, the price is on the verge of breaking the crucial ascending wedge pattern as the Bitcoin price trembled down hard. As of now, the macro bullish pattern had been broken and the price is attempting a retest.
But as per the analyst, there is a high probability that LUNA price may keep on falling in the near future. Additionally, the next area where the traders can bet a bullish entry would be along the lower support line around $60.
Collectively, Terra’s price ever since its parent company donated 10 million LUNA to LUNA Foundation Gaurd, the price kept on slumping hard. Moreover, the current market trend fuelled the adverse rally. However, the current flip may keep the hopes alive but a clear slice thorough the support levels may only squash the bearish trend.
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Source: https://coinpedia.org/price-analysis/terra-luna-price-of-foothill-of-a-massive-downswing-will-the-price-shed-below-50/