Terra (LUNA) Price Analysis: May 08

• On May 8, the bullish LUNA price analysis is at $119.16.
• LUNA’s bearish market price analysis for May 08, 2022, is $48.56.
• Terra’s 50MA shows an upward trend.

In Terra (LUNA) price analysis on May 08, 2022, we use price patterns, and Moving Average about LUNA to analyze the future movement of the cryptocurrency. 

Terra (LUNA)

Terra is a blockchain network built using Cosmos SDK specializing in stablecoin creation. Rather than use fiat or over-collateralized crypto as reserves, each and individual stablecoin is convertible into the network’s native token LUNA. It enables users to pay network fees, participate in governance, stake in the Tendermint Delegated Proof of Stake consensus mechanism, and peg stablecoins.

Stablecoins on the Terra network use a different method to maintain price parity than collateralized fiat-backes stablecoins and crypto-backed stablecoins. However, Terra’s stablecoins, use algorithmic methods to control their supply and maintain the peg. The LUNA token is integral to Terra’s algorithmic stablecoins as it absorbs the stablecoin’s demand volatility. with an elastic monetary policy, LUNA carefully controls the supply of Terra’s currencies. 

Terra Station is the official Terra crypto wallet and dashboard that allows LUNA holders to access their funds,take, and participate in governance. It’s available as both an app for mobile devices and as a browser extension. It is a non-custodial wallet, which means, only you have access to your private keys. 

Terra (LUNA) Price Analysis

LUNA price analysis on May 08, 2022, is explained below within a day frame.

Ascending channel patterns are short-term bullish in that a stock moves higher within an ascending channel these patterns are often formed within longer-term downtrends as a continuation pattern. The stock will continue channeling upward until it is able to break either the upper or lower trend line.

Currently, the price of LUNA is $65.75. If the pattern continues, the price of LUNA might reach the resistance level of $100.13, $119.16 and the buy level of LUNA is $87.47. If the trend reverses, then the price of LUNA may fall to $61.20, $48.56 and the sell level of LUNA is $71.67.

Terra (LUNA) Moving Average

The LUNA’s Moving Average (MA) is shown in the chart below. 

Currently, the LUNA price lies above 50 MA (short-term) and the LUNA price lies below 200 MA (long-term), so based on the 50MA it is an upward trend, and based on the 200MA it is a downward trend. Therefore, there is a possibility of a reversal trend of LUNA at any time.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.