A living example of risk in the cryptocurrency markets: last month, LUNA found buyers at a price of more than $ 100. But these days, about 400,000 LUNA can be bought for $100. Will Terra (LUNA), which is considered one of the largest altcoins, be able to recover? What awaits LUNA owners in the near future?
Price analysis for Terra (LUNA)!
Having approached absolute zero, the prices for LUNA remained in the zone of zero abundance. Since the morning of the crash, LUNA has continued its volatile course. Yesterday, the prices of Terra (LUNA) rose from the ashes and increased by more than 1000% in one day. As a rule, this is good news for investors, but not for LUNA owners. The LUNA price reached the level of 0.0005 and formed a descending wedge pattern. This indicated a bearish trend, since at the time of writing LUNA was finding buyers at a price of $ 0.00025.
The growing pressure of sellers breaks the support trend line and warns of a new deadly fall. Therefore, traders who find a purchase point and hope that LUNA will recover its previous value or at least the $1 level may be disappointed.
Can I buy the MOON?
LUNA purchases made at this level are likely to cause damage to you. Especially in a scenario where the $0.0000020 support is broken, your money can melt by 99%. However, in the current conditions, it seems impossible to break the resistance. Moreover, billions of trading volumes reflect highly leveraged positions that are still active.
Stochastic RSI is bearish in neutral territory, reflecting the increased likelihood that the support trend line will not be able to withstand the pressure of sellers. The resistance zones are at the level of 0.0040 and 0.0055 dollars. Last week, LUNA gave the opportunity to earn 2 times more than 1000%. If we count yesterday’s recovery, that’s three. However, all those who did not sell on these rises and turned to buying lost. The price may drop by 99% compared to your purchase today, or it may rise 10 times again, but there is a high probability that your purchase point will be the top of this rally.
On the other hand, these tokens will be useless, since there will be a fork soon. Recent buyers will receive a share of 10% of the newly minted 1 billion LUNA tokens (it is unclear to what date they will be transferred to buyers, this is definitely a big risk). A large 80% will be distributed among traders who own LUNA, just before the UST price peg is lost. So buying LUNA in the medium and long term does not seem logical. In the short term, it looks like a gamble.