- Terra price jumped higher in the ASIA PAC session only to fully erase its gains.
- LUNA price is set to break below the weekend's lows and slip further.
- With no normalisation in sight , expect current headwinds to be too strong for LUNA price to fight against.
Terra (LUNA) price is yet again in trouble as a triple top that formed this morning proved to be another failed attempt by bulls to save the altcoin. With a firm rejection in the ASIA PAC session this morning, bears seized the opportunity to go short and drive price action to the downside. Now a test looks set to take place at the low of June 09 and the $2-marker, seeing LUNA price shed another 30% of its value.
LUNA price is no match for market woes
Terra price sees bulls packing their bags after what looked to be a promising recovery turned out to be only an illusion. Just like the FYRE festival, a lot looked promising, but as reality kicks in, it is biting big time. Traders are cutting their positions and triggering a sell-off after the rejection in the early ASIA PAC session, which created a triple top and made LUNA price turn the other way.
LUNA price is, with this turnaround, set to tank another 30% towards $2.00 and could even drop further if this sentiment continues throughout the week. The penny dropped amongst traders after they realised that one of the biggest central banks in global markets, the ECB, underimpressed massively in its communication to tame inflation. This created a chain reaction that ended in the US dollar rallying aggressively, and its impact rolling through markets and triggering sell-offs in bonds, stocks and cryptocurrencies, with LUNA price already down 20% and thus set to add another 30% of losses on top of that.
LUNA/USD daily chart
Alternatively, as this is a new trading week, Monday could merely see a continuation of the pressure from last week optimistically turning 180 degrees by this evening when the US session kicks in. A turnaround would see a jump towards $3.53, possibly breaking the triple top, and searching for $4.00 to squeeze bears out of their positions, and in total, constituting a massive 70% gain up for grabs.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?