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Terra (LUNA) Hits Below $10, Is the Price Heading Towards Zero ‘0’?

3 d ago2 min readOther
Terra (LUNA) Hits Below $10, Is the Price Heading Towards Zero ‘0’?

Terra’s (LUNA) price is plunging very hard amid the deep bearish market sentiments towards the crypto. The price quickly slashed more than 90% in just 2 days, heading firmly towards 0. On the other hand, the stablecoin UST tanks by more than 50% trading below $0.5, indicating the possibility of getting the rug pulled.

The UST lost its ped a couple of days before, and in the wake of stabilizing it, the Terra executives dumped their entire BTC reserves. This led to the star crypto crashing below $30,000 and compelling it to maintain the same levels. Currently, the LUNA price is in extreme danger as the bears are powerfully headed to drag the price close to 0.

  • Currently, the LUNA price is testing the crucial and the only support above 0 at around $4.86.
  • If the price fails to hold test levels, then the next leg may be pulled extremely down towards the lower support at $0.18
  • Very soon the price could add up a zero after crashing below zero, discovering new lows
  • No doubt the recovery may be expected but its impact on the price may be negligible. As the asset may have lost the trader’s confidence
  • While some believed that traders may quickly jump in to accumulate a huge bag of UST at an extremely discounted price, it appears that the traders are no longer interested to burn their investment. Therefore, the prices of both Terra(LUNA) & UST stablecoin are falling mercilessly and may continue until it reaches the final destination

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