Terra (LUNA) Rally Losing Steam: What’s Next This Week?

LUNC USTC TERRA CLassic

The Terra (LUNA) price remains in a bearish trend, with a continuous decline in the crypto market. In the last 24 hours, the Terra token has experienced a significant loss of over 11%, and over the past week, the decline has amounted to more than 26%.

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The LUNA price maintained a tight range between $0.0001327 and $0.0001457 for a period, but a loss of market momentum led to a correction of over 19%. Following this correction, the price traded sideways in a confined range between $0.00011774 and $0.0001327 for a while.


LUNA Price Dynamics: Support Levels and Bearish Moves

TradingView: LUNC/USDT

The market faced a loss of momentum, leading to the price breaking its support level. However, the bulls intervened, holding the price strong and initiating a bounce back within the range.

Following the recovery, the price traded within a range for a brief period, reflecting weak buying and selling pressure. Subsequently, as the market lost momentum again, the price recorded a bearish move, breaking down the support level.

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The price continued to be influenced by bearish sentiments, resulting in a correction of over 15%. Currently, the LUNA price is approaching a critical point, testing its support level of $0.000090, with the outcome remaining unpredictable.

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LUNA Price Analysis: MACD Signals and Key Levels

The Moving Average Convergence Divergence (MACD) reveals a rising red histogram, indicating heightened selling pressure in the market. Additionally, the averages demonstrate a consistent decline on the chart, pointing towards a prevailing bearish influence.

If the market successfully maintains the price above the support level of $0.0000900, the next target is the resistance level of $0.00009970. A strong hold by the bulls at this level could pave the way for the LUNA price to test its upper resistance level of $0.0001177 in the near future.

On the downside, a breakdown below the support level could lead the Terra price to test its lower support at $0.00007965. If bearish momentum persists, the token may experience a further drop, potentially testing the support level of $0.00006931 by the weekend. These key levels provide a roadmap for potential price movements in the coming days.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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