- The Terra (LUNA) coin is still trending downward, despite the fact that the Luna Foundation Guard has bought another $1.5 billion worth of bitcoin.
- LUNA Coin is looking below the 50 and 100 Days Exponential Moving Averages.
- The LUNA coin belonging to the bitcoin pair is trading at 0,002224 Satoshis, up 3%.
LUNA Foundation Guard buys $1.5 billion in BTC
The Luna Foundation Guard has gathered $1.5 billion in bitcoin to add to the reserves of its most famous stablecoin, the US Terra. Three Arrows Capital and Genesis Trading assisted the company in acquiring 37,863 BTC via an over-the-counter swap.
Terraform Labs founder Do Kwon believes the organization’s objective of attaining $10 billion in assets will be fulfilled by the end of the third quarter.
The price of Luna doesn’t fluctuate
Despite the fact that the Luna Foundation Guard has purchased another $1.5 billion in bitcoin, the Terra (LUNA) currency is still declining. As a result, LUNA has returned to the 30-day low, which serves as a crucial support level for buyers.
In terms of the daily price graph, Terra (LUNA) is trading at $80.9 at the time of writing, down 5% over the past 24 hours, according to the CMC, based on the presence of below the 50 and 100 EMAs. Moreover, the LUNA coin belonging to the bitcoin pair is trading up 3% at 0,002224 Satoshis.
If LUNA price falls below the 30-day low, 200 (White) could act as a support level. Although the volatility is not high enough to see further bullish momentum for Terra, traders still noted 32% trading volume in the previous night.
The bulls need to keep support at $75 Mark
The RSI indicator is suggesting the sideways to the bearish territory as it remains below the semi-line on the daily price chart.
Similarly, the ADX indicator fell scarly from the 30 Mark, which shows the sideways move for the Terra (LUNA) price.
Conclusion
The Terra (LUNA) coin still holds the crucial support at $75, where buyers can try again for a bounce back. Buyers also have 200 EMA as a support level which protects long-term investors.
Support level – $75 and $50
Resistance level – $100 and $140
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.