Terra (LUNA) price snub the early session’s losses and recovered to touch the day’s high at $52.10. Buyers flip around the current support level. At the press time, LUNA/USD is trading at $51.33, up 10.82% for the day.
- Terra’s Luna price gains 11% on Monday, amid US dollar weakness.
- Volumes supported the upside momentum advocating the strength in the price.
- Luna recovered from the Wonderland controversy.
Wonderland controversy subsides at the start of the week
Luna recovered from the opening lows of $43.45 to end the last day of the month in gains. The rout came to the surface on the Weekend, on Twitter a user revealed that Michael Partyn was managing Wonderland’s treasury. He was earlier in infamy for the failed Canadian crypto exchange QuadrigaCX, which was framed as the biggest crypto scandal in history in 2019.
On the daily chart, Terra’s LUNA price has devalued 58% from ATH. The price has taken support around the 50 DMA four times with little hiccups in between. However, the price book a single day biggest fall on January 21 with a loss of 23%.
The daily relative strength index (RSI) reads at 36 while trading in the oversold zone. An uptick in the momentum indicator could result in the 23% surge toward the 50 DMA at $74.59.
Furthermore, market participants could test the horizontal resistance level at $90.00.
On the flip side, a decisive break below the session’s low could result in the exploration of the $40.00 level by the investors. The levels were last seen in October.
- Why Billionaire Ray Dalio Is Still Betting Big On Bitcoin (BTC)?
- CZ Fuels Rumors Of Binance’s Trading Service Launch In Dubai
- Just-In: European Central Bank Says Crypto Unsuitable As Store Of Value
- Shiba Inu The Most-Held Token By ETH Whales, Is Metaverse Hype Back?
- South Korean Terra Holders Skyrocketed After Its Crash, Here’s Why
- Verse Metaverse – LA Villa Hand Over On May 30
- Bitcoin (BTC) Faces A Crash To 2020 Lows, Here’s Why
- On-Chain Data: Bitcoin (BTC) Always Pegs Higher Trust Over Ether (ETH) in Bear Market
- Is Terra’s Singapore Office A “Paper Company?”
- Bitcoin (BTC) Options Market Hints Major Downside Risks Over Next 3-6 Months
- TRON Price Analysis: High Volume Breakout may Lead TRX to $0.9 Mark
- Tezos Price Analysis: Dynamic Trendline May Carry XTZ Price to $2.4
- AAVE Price Analysis: AAVE Chart Hints Coin Holders May Lose $100 Mark
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?