At the time of writing, the buyers are trying to defend a low trading price of Terra (LUNA) at $46.7330 per LUNA. Like the rest of other major cryptocurrencies, Terra was also exhibiting a high price of $87.24 per LUNA on May 5, 2022.
However, the bears took their action against Terra on May 7, which resulted in a 23.67% price dip in the past 24-hours. Let us see what the performance of Terra will be in near future.
Technical Analysis of Terra
A look at the technical analysis of Terra shows that its ultimate oscillator is currently at 35.2993. Then comes the relative strength index (RSI) for Terra that currently has a score of 24.6086.
If we look at the moving averages of Terra, it shows that a vast majority of the investors are siding with the “strong-selling” sentiments. The price analysis data shows that 93.33% of the total investors are siding with the negative trend. This means they are aiming to sell Terra in order to support the bearish trend.
Then comes the oscillator scale for Terra which is also experiencing a downward trend. At present, the oscillator scale refers to the “selling” sentiments of the investors. Out of the total investors, 18.18% investors are willing to sell Terra. Then come 81.81% of the total investors who have preferred to remain neutral. The oscillator scale has suggested that there are no investors who are willing to buy Terra.
The summary scale for Terra is pointing towards a “strong-selling” trend. Out of the total investors, 61.53% of investors are preferring to sell Terra, whereas, only 38.46% of investors are neutral. The summary scale is also indicating that no investors have an interest in investing in Terra given its current market situation.
Terra’s Demise to $32.36
The technical analysis of Terra makes it clear that it may continue experiencing a downward trend. Soon, Terra may enter the strong support zone, bringing its price down to $43.8413 per LUNA.
The bulls may try and defend the particular checkpoint with their strong buying force. However, the bears may continue with their selling barrage. This will result in more investors leaving the positive trend and shifting to the negative side.
With more investors joining the bearish trend, the trading price of Terra may get pulled down to the second support checkpoint of $37.54 per LUNA.
Going forward, the selling momentum of the investors may continue rising. Even the neutral investors may also move to the bearish side. This would lead to another plummet in the trading price of Terra. The predictive data suggests that the trading price of Terra may dip to $32.36 per LUNA.