Terra (LUNA) Declines by over 39000% in 24 Hours: What Next?
Terra native token LUNA has been displaced from its top ranking in the top 20 cryptocurrencies and is now in position 211th at the time of writing. Its price has moved from a 7-day high to and low price of $0.0001136 and $68.27 respectively. It is presently trading at $0.0022 at the time of writing. The 24 hours high and low prices of LUNA are $0.00001675 and $0.00675. This means that LUNA experienced a low price of about 39298% past 24 hours.
- LUNA's bullish prediction is between $102.62.
- LUNA's bearish prediction is $0.46.
- With the present price of Terra native token LUNA, new investors that are patient could be millionaires soon.
Although, the present market downtrend affected Terra's price for some days. It's major dip has been caused by faults that led to the implosion in its Stablecoin TerraUSD (UST), and Binance's decision to suspend the withdrawal of the token. With the position of the Terra founder that it is doing everything to restore it to a part of recovery, the price of LUNA has experienced some recent regain. Irrespective of this position, the early investors are counting their great losers after hoping that the project is here to stay and with great prospect in the future. From the present price, it means that investors, who had invested in Terra when it was at its seven-day high price of $68.27, are now having $0.00022 for each 68.27 investment. Presently, every long-term holder of LUNA is now having $22 for their $100,000 investment. This is seriously a disaster. Another factor with LUNA investors was that they never had prior knowledge of this since some new investors even entered the market and bought a lot of LUNA with the hope of a rebound. However, the reverse was the case since they joined the bandwagon of Terra losers. All hope is not gone for LUNA investors irrespective of the position of some exchanges like Binance and LBank that have suspended transactions on LUNA withdrawal. The trading volume of Terra (LUNA) is about $2.7 billion and has increased by over 120% in the past 24 hours. This shows that there are still activities within the LUNA token. Also, Terra was increased in CoinMarketCap ranking of cryptocurrencies by over 80 positions in the past 48 hours. This could mean that the necessary changes within its ecosystem are yielding good results. With this high volatility that was not foreseen by most analysts prior to its happening, we shall look at the chart below to see what should be expected next for Terra (LUNA). Source: https://www.tradingview.com/x/3qaDt3D5/ From the chart above, we can deduce the following:
- The present price of LUNA is below its past 16 months' low.
- Due to the formation of a double top close to $0.46 resistance level, the price of LUNA might surge above it soon.
- From recent history, if the LUNA price reverses and gets close to $21.52, it might get to $102.62 at the resistance5 level.
The present loss in LUNA price could be damaging for short-term investors. However, history has shown for tokens with real application and usage, only time is needed for them to break newer highs for long-term investors.
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