Terra (LUNA) Price Slashed By 50%! Should You Still Hodl LUNA For A V-Shaped Rebound?
Terra (LUNA) is now in the headlines of the crypto industry. As marketers find it difficult to digest the ongoing pegging-de-pegging catastrophe. Which has led to TerraUSD (UST) price falling below the $1 mark. Wherefore, the brunt is also faced by LUNA, which has fallen to its multi-month low. In light of this Binance has halted withdrawals of LUNA and UST.
Although it is known to the masses, for novices in the community. UST is a stable coin, which strives to keep pace with the USD via its association with the LUNA token. The initiative is fulfilled by a burning mechanism, which has been a topic of debate amongst savvies. Conversely, LUNA breaking below the oversold regions has taken space by storm.
Is This Where Terra (LUNA) Is Heading Next?
Looking at things from a birds-eye view, the altcoin has broken out of its bullish pattern. Courtesy of which goes to the depeg event. LUNA’s price had crashed on Monday to its multi-month low. A break below the lows of January 31st at $43.48, has brought LUNA to its levels around $37.
The altcoin at the time of press is changing hands at $30.12. With losses of a staggering 48.27% over the previous day. While the market capitalization is hovering around $11,388,124,720. The volume of trades has risen 183.47% around the clock, taking the numbers to $13,811,089,995. LUNA has ranged in the 24-hour bandwidth from $61.08 to $24.14.
Going south LUNA would attempt to establish support at around $25.88. The RSI has broken through the oversold regions and is presently at 21.30. A spike above $35 on the 4-hour frame, will call the bulls. A rebound although far from sight currently, will push the price to a maximum of $69.03 in due course of time.
Summing up, Terra (LUNA) breaking to its multi-month low has opened up opportunities for investors and traders to bag some. While the incoming hours seem to be crucial for the digital asset. The altcoin could portray a bullish rebound once things calm down.Source