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.
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“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.”
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