Terra’s price has been turbulent in recent days, despite the broader market gradually regaining strength. The coin has dropped about 30% in the last week.
LUNA was $50.72 at the time of publication. LUNA attempted to trade above the $52 barrier earlier yesterday. The worldwide cryptocurrency market worth was $1.83 trillion, up 1.6 percent in the last 24 hours.
Terra’s trading volume had likewise increased by 75% at the time of publication. This increase in trade volume could be attributed to a comeback of buying power in the market.
The coin’s resistance level was $60.10. The fiasco at Wonderland Project may have influenced Terra’s sudden price sentiment. The Terra network is used to connect to Abracadabra. Danielle Sestagalli, who previously co-founded Wonderland, co-founded Abracadabra.
After it was found that Michael Partyn was in charge of Wonderland’s treasury, LUNA’s prices began their southern voyage.
LUNA’s prices were 69 percent lower than their all-time high. Terra’s local support level for the awaiting coin is $43.60. LUNA was last trading at this level in November. LUNA’s prices had not gone below $50 since the coin deemed the level, as mentioned earlier, to be a strong support level.
FThemarket’s buying strength has been in the negative zone. For about a week, Based on the technical indicators, it is difficult to predict whether LUNA will keep a similar price action in the coming trading sessions.
Terra was trading in the opposite direction of its market trend throughout the previous week. After trading in a declining channel, Terra managed to break out on the upside.
As soon as that happened, the chart began to show recovery. As previously said, the coin’s support level was at $43.60, a level it last traded close in November. Terra has two resistance levels: $60.10 and $68.15.
The Relative Strength Index is in charge of reflecting market buying strength and pressure. The RSI has remained below the zero-line for the previous week, indicating that the sell-off has continued.
The indicator also fell below the 25-point line, indicating that the market was oversold. Although Terra rocketed up its chart, the RSI rose up in anticipation of a revival in buying strength; however, a tiny downtick was also observed on the indicator at the time of publication.
On the whole Volume increased, indicating that input volume has also begun to increase. As a result, this signal suggested that prices will rise. The Awesome Oscillator indicated the market strength.
Although the indicator was emitting green signal bars when prices rebound, the green signal bars were visible below the half-life.
If green signal bars continue below the half-line, it is too early to predict if prices will turn bullish. The slight downtick in the Relative Strength Index already pointed to the prospect of declining purchasing pressure.
