LUNA price continues to correct from the monster one-day rally of 40% to a new all-time high of $ 46.16. This morning Terra is down about 10%, bringing the three day loss to over 20%, meaning that LUNA price is officially in a bear market. Although the LUNA coin is still 550% higher than in July despite the pullback.
In the past few weeks, the crypto market has had mixed fates. Bitcoin (BTC / USD) scaled $ 50,000 but soon dropped to $ 44.00. Similar, Ethereum (ETH / USD) jumped over $ 4,000 before falling back to $ 3,000. Other assets including Earth (MOON / USD), climbed to new all-time highs.
Last Tuesday, the cryptocurrency market suffered its biggest shock since the May crash. Bitcoin lost 18% and Ethereum more than 25% within a few hours. As a result, LUNA fell from $ 32.76 to $ 20.88, a 36% intraday loss. However, by the end of the game, Terra had reduced the loss to 15%. Additionally, LUNA was trading at $ 46.16 on Friday, 120% above Tuesday’s low. Although the crypto market is weaker almost everywhere today, LUNA price can take a bumpy ride.
Terra price forecast
The daily chart shows that LUNA has been trending up since June. Incredibly, Terra had risen over 1,200% from its Friday high after the May collapse. It is noteworthy that most of the profits have been made in the past few weeks. This has resulted in a 45 degree upward trend under the market. The trendline currently seen at $ 27.00 coincides perfectly with the August 26th close to create a robust level of support. This is the first target when the price collapses.
As long as the crypto market is under pressure, the chances are growing that the LUNA price will test support. Additionally, if Terra fails to climb above Friday’s high, it may raise concerns about a blow-off high. But beyond that, the price could go even higher.
On that basis, the negative view remains as long as the Terra price is below $ 46.16.
LUNA price chart (daily)