LUNA Crypto Loses Its Value By 96%, Will It Recover From Lows?

• In the last one year, the LUNA crypto price has declined by 47%.
• Terra has witnessed huge volume activity in the last 24 hours.

Terra is a fast and open blockchain for decentralized finance. Luna is the staking and governance token. Terra Classic users received Luna airdrops after a new Terra chain launched. UST was a failed algorithmic stablecoin linked to Luna. Terraform Labs, led by Do Kwon and Daniel Shin, created Terra.

In the last 24 hours, the trading volume of Terra has increased by 140%, resulting in a value of $122.867 Million. Additionally, the traded volume ranking of the crypto is 106th.

The market cap of the crypto has declined by 17% in the last 24 hours and the market cap of the crypto is worth $435.948 Million. Furthermore, the market cap dominance of the Terra crypto is 0.025%.

Moreover, the volume/market cap ratio of the LUNA crypto is 0.2444 and the all-time high price hit by the crypto is $18.87. Further, the circulating supply of the Terra crypto is 616.634 Million LUNA and the total supply of the crypto is 1.004 Billion LUNA.

Terra Crypto Derivatives Analysis

The derivatives trading volume of the Terra crypto has risen by 291% in the last 24 hours with a traded value of $70.52 Million. The open interest has also declined by 44.82% and the long/short ratio of the crypto is 0.9865. Moreover, the crypto has resulted in a long liquidation of $1.10 Million.

LUNA Crypto Technical Analysis

The LUNA crypto price is trading at the significant lows and is still following a strong bearish trend on the larger time frame. Moreover, a crucial resistance level for the crypto is at a level of $0.000190 and if the price of the LUNA crypto breaks above this level, it might rise to higher levels in the future.

LUNA/USD Chart by TradingView

The RSI is below 50, which is considered to be bearish territory. This could indicate that there is a buying opportunity in the short term if the RSI rises above the 50-level. 

The price of the LUNA crypto is also trading below the 50-day EMA and the rolling VWAP. This behavior of the crypto price indicates weakness. 

Conclusion 

LUNA is the token of Terra, a blockchain for DeFi. LUNA has lost 96% of its value since its peak. Terra has high volume but low market cap and dominance. LUNA faces strong resistance and the technical indicators are giving bearish signals. LUNA could fall further if it fails to break above $0.000190.

Technical Levels

Support Levels: $0.00005 and $0.00010

Resistance levels: $0.000450 and $0.000100

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.