Terra Luna Price Prediction: LUNA Lacks Directional Bias, But Signs Point To A Continued Downtrend

Terra Luna worth (LUNA) has been buying and selling with a bearish bias for the reason that starting of the 12 months after a failed rally that was rejected across the $2.58 degree. Since then, the altcoin has been trapped beneath a vital provide zone, with the three Easy Transferring Averages suppressing the opportunity of any good points.

Additional, LUNA has suffered the aftermath of bearish fundamentals across the Terra ecosystem, together with a lack of belief after the community went bankrupt in Might 2022. Most not too long ago, the Terra Labs founder Do Kwon was arrested in Montenegro, additional thickening the darkish clouds above the mission.

As if that isn’t sufficient, prosecutors in South Korea additionally requested Binance change to dam the Terra govt, now turned convict, from liquidating thousands and thousands in crypto.

🚨BREAKING- 🇰🇷South Korean prosecutors have investigated and seized greater than $200 million in actual property of #Terra executives and workers‼️😲#LUNA #LUNC #Crypto #UST #cryptomarket #CryptoNews https://t.co/Bs0aOjIsg8

— Ajay Kashyap (@EverythingAjay) April 3, 2023

As reported by native information, the prosecutors estimated that property seized from the Terra Luna executives, Kwon included, totaled 414 billion Korean Received (KRW). On the time, this was round $314 million. Allegedly, the quantity belonged to 9 workers of Terra, each former and present.

Additional, Do Kwon’s share of the funds, dimmed illegal, was round $69 million. Moreover Kwon, co-founder Shin Hyun-Seong, alias Daniel Shin, gathered near $41 million from the blockchain. In mild of the executives’ reference to the $40 billion collapse of the Terra Luna blockchain, the quantity was branded “unlawful.”

Investor Exercise For LUNA token peaks at $1.41, promoting?

On the time of writing, Terra Luna is auctioning at $1.41, up virtually 1% within the final 24 hours. Based mostly on the buying and selling quantity metric, exercise within the LUNA market is up round 95.72% to document a 24-hour buying and selling quantity of $75.59 million. Notably, quantity is a particularly essential indicator for merchants to find out the long run profitability of cryptocurrencies.

Given the present worth’s excessive buying and selling quantity, token holders are switching LUNA for altcoins with a greater danger/reward ratio. It’s price mentioning that one can distinguish shopping for quantity from promoting quantity relying on whether or not a transaction happens on the bid worth or the asking worth. Adjustments in quantity can provide merchants short-term indications of the place the value would possibly go subsequent. Within the case of Terra Luna, it’s south.

LUNA Might Drop Round 12% Earlier than The Chance Of An Uptrend

After flipping the resistance offered by the 50-day Easy Transferring Common (SMA) at $1.38, Terra Luna worth seems caught once more. As proven within the one-day chart beneath, many of the floor coated within the Tuesday buying and selling session is now misplaced as bears proceed solidifying their market presence.

If promoting stress will increase, presumably as LUNA holders commerce the altcoin for another with much less danger, the value might drop. In such a state of affairs, the almost certainly trajectory is a revisit of the $1.23 assist ground earlier than a attainable correction.

Moreover the overhead stress offered by the SMAs, different elements that bolster the case for a downswing embody the Relative Power Index (RSI) trajectory. The RSI pointing downwards signified that extra token holders are nonetheless fleeing the LUNA market, and the value might head additional south.

Furthermore, primarily based on the path of the RSI, this momentum indicator might quickly authenticate a sign to “promote LUNA” as soon as it crossed beneath the Stochastic RSI (yellow). If merchants heed this name, Terra Luna worth will surely tag the assist ground at $1.23 or, within the worst-case state of affairs, breach it and document a brand new all-time low.

Additionally, the Transferring Common Convergence Divergence (MACD) indicator was nonetheless in unfavorable territory, indicating bears had been main the market.

Converse Case

On the flip facet, if sidelined buyers seize the chance to purchase the dip, the altcoin’s market worth  might make a pullback, breaking the instant resistance degree at $1.57. Discover that this hurdle has been vital in stopping the upside for LUNA, and breaching it could pave the way in which for additional good points.

Past the vital resistance, Terra Luna worth might tag the 100-day SMA at $1.66 earlier than assembly the 200-day SMA at $1.76. LUNA might reclaim the January and February highs across the $2.30 resistance degree in extremely bullish instances provoked by an equally interesting constructive growth within the ecosystem. Such a transfer would represent a 66% uptick from the present charges.

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