Price Analysis

Terra(LUNA) Price May Range Nearly 8% & Close Today’s Trade Above $85, But There’s A Catch!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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May 6, 2022

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Highlights

    Terra price amid the fresh plunge also witnessed a steep drop, shedding more than 7% of its value in no time

    Despite a significant crash, yet the price is expected to record a bullish close for the day and also for the week

The crypto space yet again witnessed a sudden drop which was fueled by the hiked interest rates by the FED. Initially, the market responded positively, but with the start of the US stock market, the global markets including cryptos witnessed a huge dump. Amid the sell-off, the LUNA price also witnessed a steep drop but appears to have withstood the trembled situation at the earliest. 

The price after a 9% drop, had recovered nearly 6% but the bear yet again lashed the price lower towards the same bottom. However, a strong reversal has been ignited due to which a significant upswing is appearing to be imminent. And hence the price may undergo a minimum of 6% to 7% upswing before the day’s close. 

Also Read: Why Did Bitcoin Drop Below $37,000 Despite the FOMC Push? Will BTC Price Hit $30,000 This Week?

luna price

The LUNA price quickly jumps in action to recover from the losses without wasting much time and despite minor rejection appears to have absorbed a huge bullish momentum. Additionally, the price is on the verge to complete a double bottom pattern or the ‘W-shape’ pattern which results in a bullish breakout. Therefore, the price is expected to reach the neckline at $83.77 before the day’s close and further continue to surge towards the pivotal levels around $88 very soon.

On the other hand, the Terra Foundation is accumulating more and more Bitcoin to back their stablecoin UST. And after the recent acquisition of more than 37K BTC worth more than $1.5 billion, Luna Foundation Gaurd(LFG) has become the second-largest holder of Bitcoin after MicroStratergy, surpassing Tesla’s holdings. And hence one can expect a significant impact on the LUNA price in the upcoming days that can uplift the price beyond a 3-digit figure soon.

Also Read: This is Reason Why Crypto Market Crashed Today ? What’s Next After The BloodShed ?

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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