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With over 1812% Decrease in Terra (LUNA) Price in 24 Hours- $21.52 could be reached Soon

Posted on by admin
11
May

Altcoin News

  • LUNA bullish prediction is between $21.52 and $36.82.
  • LUNA might reach $21.52 on its part to receovery.
  • LUNA bearish prediction is $0.70.

Terra native token LUNA is one of the top cryptocurrencies that is experiencing a very high implosive since the present crypto winter. LUNA is presently trading at $1.71 and has a 24 hour decrease in price of over 1812%. This is because its 24-hour minimum and maximum price according to CoinMarketCap are $0.8384 and $32.71 respectively. The all-time high price of LUNA is $119.18 and it was attained on April 5th, 2022.

Some factors that are attributed to it are the implosion in its network stablecoin TerraUSD (UST) and the inability of traders to withdraw from Binance exchange which is the number one for LUNA token.

With this present trend in Terra price, we shall look into chart to see what the future holds for LUNA long-term investors.

luna usdt
LUNA/USDT 1Day Chart Showing the Key Levels (Source: Tradingview)

From the chart above, we can deduce the following:

  1. The present price of LUNA is its price around January 2021.
  2. Due to the reversal close to the $0.70 support level, the price of LUNA might surge to $21.52 at the resistance 1 level.
  3. From recent history around April 2021, the price of LUNA has a high probability of having a breakout once it gets to resistance 1 level. This could push its price close to $36.82 at the resistance 2 levels before any reversal.

Conclusion

Terra (LUNA) investors who had been affected by this market implosion, would recover soon if they are patient since a recent tweet from Terra founder, Do Kwon had placed the market on a part of recovery.

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