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Breaking: Terra’s LUNA 2.0 price plummets below $5; here’s where it’s going next

Breaking: Terra’s LUNA 2.0 price plummets below $5; here’s where it’s going next
FXStreet TeamFXStreet TeamFXStreet

Terra's LUNA 2.0 price has dipped below $5, crashing by more than 60% over the past week. The Layer 1 token reached a low of $4.50 and it is hovering around $4.80 at the time of writing. Further selling pressure could send LUNA 2.0 price to retest May 28's low at $3.50. 

Terra LUNA 2.0 price chart

LUNA 2.0 hourly chart

Terra's LUNA 2.0 price needs to reclaim $5.30 as support to have a chance of invalidating the pessimistic outlook. If this were to happen, LUNA could rebound to $6 or even $6.70.

Why shorting Terra's LUNA 2.0 price can be profitable

A brief technical and on-chain analysis on Terra's price. In the video below, FXStreet’s analysts evaluate where LUNA 2.0 price could be heading next.

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FXStreet Team

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