Despite making several efforts, the investors have not found much success in launching a bullish trend in favor of major cryptocurrencies. Terra (LUNA) is also facing a similar kind of situation where the bears are much stronger than the bulls.
Therefore, the bears are currently on the verge of pulling the price of Terra much lower than its current price. Currently, the price of Terra is revolving around $50.28, which is the pivot price for LUNA.
Although the bulls had attempted to keep the price of LUNA over the $48 per LUNA figure, they weren’t able to do as they had planned. Despite all the efforts made by the investors, the price of LUNA hasn’t recovered.
In the past 24-hours, the investors have increased their selling pressure, resulting in a 6.87% plunge. This has resulted in dipping the price of LUNA down to $48.28.
Even after struggling so hard, the bulls have failed in moving the RSI of LUNA from negative territory to positive territory. This means that ever after launching one minor rally after another, they haven’t been able to move LUNA within the positive zone.
At the moment, the Fib data shows that the sentiments are with the negative trend of LUNA. The investors are highly likely to support an uptrend for LUNA given the current downfall of the crypto-verse.
For now, the bears are trying to increase their selling pressure and for that, they need to keep up with their medium-level selling. If they are able to keep up with their selling pressure, more investors would join them.
This would intensify the selling pressure and start pressing LUNA’s price lower. If the bulls are not able to fight the bears, then LUNA’s price may fall down to $42.06. In the upcoming days, the bears will have the opportunity to bring LUNA below the 50-SMA ($38.64) figure.
If the bears keep selling LUNA even at the lower level rallies, they will find success in pulling LUNA down to $34.12. As the investors’ buy and sell sentiments currently stand at a 3:11 ratio. This goes to suggest that the strong selling pressure has a high probability compared to buying.
Over time, more investors may join the ranks of the bears and resulting in causing another major dip. This would cause the price of LUNA to plunge to $25.64.
Although it is highly unlikely to happen, if the bulls prevail against the bears, they may attempt to elevate LUNA’s price up to $54.01. This may motivate the investors to try and increase their buying efforts to push LUNA’s price over 100-day SMA ($63.12). If the bullish rallies continue, then LUNA’s price may grow up to its third strong resistance mark ($76.93).