Terra (Luna) Price Enters Troubled Waters As Bears Take Over

Terra (Luna) is one of the victims of the ongoing cryptocurrency bloodbath. As several assets turn red, Luna bulls follows suit, as daily losses rise to 14%. Similarly, the asset has recorded 34% in 7-day consecutive losses.

Terra (Luna) Bulls Lose Momentum, LUNA Price Down 12%

Luna first dripped by 10% on Sunday, after Saturday saw the TerraUSD stablecoin lose its dollar peg. UST dropped to a low of $0.985. The decline is the first that the Terra based US-pegged algorithimic stablecoin is recording since Luna Foundation Guard (LFG) and Terraform labs began pouring into its Bitcoin based reserve. At report time, is still yet to reclaim $1.

At press time, the benchmark cryptocurrency Bitcoin has also taken a major hit. Down over 5% today, and over 16% within the last 7-days, the asset is largely expected to continue in a downward motion.

Market sentiments are collectively negative

Recent data from Bitcoin’s fear and greed index affirms the bearish takeover, as it indicates that the market is in a state of extreme fear, as Bitcoin dipped to $32,484.

The collective market sentiment from leading cryptocurrency proponents is leaning towards a bearish zone. Cryptocurrency trader Ash WSB, gave his two cents after posting a bearish graph.

“Trend says we are following the same cycle in altcoins as Bitcoin. In this case, we can see a very slow market for the next 9 months. Take the exit from altcoins positions with every pump. Many altcoins can make a new bottom in the next 9-12 months.” He asserts.

On the other hand, analyst Michael Van de Poppe, is quite optimistic. This is depicted in his recent tweet, in which he notes:

“Bitcoin at this level should be interesting to keep an eye on. Didn’t bounce towards $37.5k, but has been taking all the liquidity beneath the lows of 2022 and that should be a bounce play.”