Terra(LUNA) Price at the Base of a Huge Downturn, Will Price Drop Below $50?

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The price of Terra (LUNA) has risen significantly in recent times despite the market opportunities like chopping the popular crypto assets, external FUD, etc. and many more. The price crushed a 3 digit figure a few times as BTC and ETH prices maintained a stagnant down trend. With the top 2 cryptos shaking hard, instead of decoupling from the market trends, LUNA price is going hand in hand and could fall heavily in the coming days.

LUNA price in recent times when it unleashed a strong uptrend, firmly maintained the lower trendline. Every time the price crossed the line, it flipped fantastically to regain the levels above $100. In the present day, however, the price has ranged within a layoff wedge that was expected to collapse at any moment. And unfortunately the time seems to have come.

According to a popular analyst, LUNA price is poised to retest the lower support near $50, somewhere around $58. In addition, the price is about to break the crucial bullish wedge pattern as Bitcoin price hardened. was shaking. As of now, the macro bullish pattern was broken and the price is trying to test again.

But according to the analyst, there is a good chance that the LUNA price will continue to fall for the foreseeable future. In addition, the next area where traders can bet on a bullish entry could be along the lower support line around $60.

Collectively, since the parent company donated 10 million LUNA to LUNA Foundation Gaurd, Terra’s price has continued to fall sharply. In addition, the current market trend fueled the unfavorable rally. However, the current reversal may keep hopes alive but a clear portion of the support levels could only crush the bearish trend.

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