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- 1 LUNA crypto price is trading close to lower support levels.
- 2 LUNAUSD price is down by almost 17.57% in a week showcasing bearishness.
Terra represents a cutting-edge blockchain platform that is home to a dynamic array of dApps and sophisticated development resources. It leverages a proof-of-stake mechanism and innovative technologies such as Mantlemint, Terrain, and Station, positioning it as one of the swiftest blockchains available. This ensures a top-tier DeFi experience for its users. Terra stands as a limitless, open financial system, paving the way for advanced financial offerings that are available to anyone with internet access.
The native token of the Terra protocol, Luna, plays a pivotal role in both governance and mining operations. By staking Luna, users support validators who maintain the blockchain’s integrity by recording and confirming transactions, earning rewards from the fees generated by these transactions in return.
Technical Analysis of LUNA Crypto Price
LUNA price prediction showcases the decline of crypto price from the higher level over the daily time frame chart. The crypto needs to attract buyers to reach the recovery level and then surpass the key EMAs. However, trading volume has been below average and needs to grow for the LUNA crypto price to sustain at a higher level.
Meanwhile, terra crypto is trying to SURPASS the 20, and 50-day DMAs. LUNA price lost 21% in a month and 15% last week. Moreover, the crypto price has grew around 125% in the last six months, reflecting weakness in the price action.
At the time of publishing, LUNA crypto (USD: N2) is trading below the 20 and 50-day EMAs, which are not supporting the price trend.
However, if selling volume adds up, then the price might conquer supporting SMAs by making lower highs and lows. Hence, the N2 price is expected to move downwards giving bearish views over the daily time frame chart.
MACD exhibits the downside trend of terra crypto price. The MACD line is below the signal line after a negative crossover. Investors in crypto need to wait for any directional change over the daily time frame chart.
Technical indicators suggest the downtrend momentum of the LUNA crypto price. The relative strength index showcases the downtrend momentum of LUNA crypto. RSI was at 44 and is heading towards the neutral to be oversold.
At the time of writing, LUNA is trading at $0.9122 with an intraday gain of 1.36%, signaling bearishness. Moreover, the trading 24-hour volume is 36.26 Million.
LUNA Crypto Volume vs Price Analysis
According to the Santiment graph, the trading volume fell over the past few weeks with the experiencing selling pressure. In the last few days alone, the trading volume has dropped from $413.09 Million to $38 Million. If this trend continues, it could have a negative impact on the price.
Summary
LUNA technical oscillators and indicators support the bearish trend. The MACD, RSI, and EMAs emphasize negative signs and imply that the downtrend may continue in the terra crypto price. Price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment. The current scenario requires traders and investors to be patient and look for a clear break below or above the range before making any moves and avoid the fear of missing out to minimize losses.
Technical Levels
Support Level: $0.7898.
Resistance Level: $1.1772.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
