Home
News
- 1 The LUNA coin price has retested the demand zone and looks bearish on the charts.
- 2 Bears are eyeing to breach the $0.6000 mark to stretch the down move.
The LUNA coin (Terra) depicts underperformance and looks bearish on the charts. Moreover, the trend is bearish, and the price action reflects a major selloff in the last few sessions. The Terra coin has reached the crucial demand zone of $0.6000, and bulls are trying to hold on to the gains. On the contrary, the bear army persisted in adding short positions and attempting to breach the zone to stretch the fall.
At press time, the Terra coin (LUNA) price traded at $0.6412 with an intraday gain of 7.27%, reflecting a negative outlook on the charts. It has a monthly return ratio of -33.20% and -54.78% on a yearly basis. The pair of LUNA/BTC is at 0.00000978 BTC, and the market cap is $79.93 Million. Analysts are bearish and suggest that the LUNA coin may continue to underperform and retest the downside of $0.4000 soon.
LUNA Price Volume Profile On Daily Charts
The above chart replicates the price-to-volume profile of the Terra coin (LUNA), highlighting a sharp fall in the past sessions. Over the past few weeks, the coin has persisted in forming lower lows and delivered a sharp cut of over 53% in the last two weeks. The intraday trading volume dropped over 46.28% to $40.46 million.
Price Volatility and Weighted Sentiment Overview
Per the Santiment data, the price volatility curve reflected a massive spike delivering pump dump activity. The intraday volatility curve dropped over 34.28% to 0.02, depicting a negative outlook. However, the weighted sentiment looks neutral and stayed close to the midline, which is around -0.436 and delivers a neutral outlook.
Social Dominance and Twitter Followers Insights
The Social Dominance noted a down move and dropped over 28.10% to 0.027%, replicating a decrease in the discussion reports on media platforms in the last session. However, the Twitter followers data noted a steep decline and dragged over 378% to the -8624 mark, indicating a negative outlook.
Development Activity and Total Open Interest Overview
Per the Santiment data, the development data witnessed a decline and slipped over 11.90%, dragged below the midline, noted around 33.43, glimpsing a neutral outlook. However, the derivative data signifies long unwinding data, and the open interest dropped by 2.29% to $12.77 Million.
Per the Fib levels, the Terra coin price has slipped below the 38.2% zone and is hovering around the 23.6% zone. However, the RSI curve stayed in the oversold region, and a bearish crossover was noted on the charts.
The total supply of the Terra coin is 1 Billion, whereas the volume-to-market cap ratio is 0.504, and it ranked 423 in terms of market cap in the global crypto market.
Summary
The Terra coin price is hovering around the demand zone of $0.6400 and may face bearishness ahead. Moreover, the price action signifies selling pressure and depicts seller dominance on the charts.
Technical Levels
Support Levels: $0.6300 and $0.6100
Resistance Levels: $0.6700 and $0.6900
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
