Terra (LUNA) Price May Crash to All-Time Low

Terra Coin (LUNA) Breaks Below Important Horizontal Support Level. If it doesn’t recover soon, the price could hit all-time lows LUNA token is a native Terra blockchain token. After the resonant collapse of Terra in May 2022, the developers of Terraform Labs restarted the blockchain from scratch to bring it back to life, while the native token of the new network was called Terra Luna (LUNA), and the original one was renamed Terra Luna Classic (LUNC). Earlier, the editors of BeInCrypto told how the two “moons”, Terra Luna and Terra Luna Classic, differ, and how not to get confused in them. LUNA Price Breaks Key Support As the technical analysis shows, since the aforementioned crash, the LUNA price has launched two relief rallies (red icons). The second turned out to be significantly weaker than the first, and both were fully won back in a very short period of time. On December 16, the coin made a bearish breakout of the long-term horizontal level of $1.65. This support area remained unbroken for 155 days.. This is a very long and significant period, so now its breakthrough may be the beginning of a new phase of price decline.. At the same time, the lack of support below current price levels may cause LUNA to fall to new historical lows. Daily RSI doesn't bode well for the price yet. The indicator is growing, but still below the 50 mark and does not give any bullish divergence signals. Accordingly, the forecast for the coin for January and beyond should be considered bearish until LUNA recovers above the $1.65 area. Source: TradingView New lows coming 6-hour timeframe fully supports bearish daily chart pattern. Here, LUNA has been declining since September 12 along a short-term descending resistance line.. On December 27, the price bounced off this line, forming a long upper wick.. The lack of horizontal support below the current price levels forces us to resort to using such a Fibo tool as the level of 1.61 external correction. It can be used to highlight the next closest support area at $0.83. Source: TradingView Therefore, LUNA price analysis is bearish as long as the price is trading below the $1.65 horizontal area and the descending resistance line. If the decline continues, the next immediate support will come into play around $0.83. Earlier, the editors of BeInCrypto collected the opinions of experts and their forecasts for the rates of Bitcoin, Ethereum and Ripple for 2023. Disclaimer All information contained on our website is published on the principles of good faith and objectivity, and for informational purposes only.. The reader is solely responsible for any actions taken by him on the basis of information received on our website.