LUNA/USD dove to long-term low values in early trading this morning, as a combination of nervousness and fundamental selling hit Terra.

LUNA/USD fell below the 24.00000000 USD level in early trading this morning.  As of this writing, the price of Terra is traversing near 28 USD, but this price is certain to be different as readers study this article. The price of LUNA/USD has reacted to broad market nervousness among digital assets and the fact that the ‘stable coin’ TerraUSD, backing LUNA/USD, faltered below the 1.00 level yesterday. LUNA/USD is part of the Terra ecosystem and the Terra/USD cryptocurrency as of this morning is seeing volatile price action still and is near 85 cents as of this writing.

LUNA/USD began yesterday’s trading within a bearish trend certainly, and its slide which began slightly below the 69.00000000 mark until this morning’s low has likely wiped out plenty of trading accounts. Traders looking to participate in LUNA/USD are urged to use entry price orders to make sure their fills meet their expectations. And anyone pursuing LUNA/USD also needs to use an extremely well-selected array of risk management.

The nervous sentiment in the broad crypto market is likely to continue as many of the major digital assets challenge lower support levels, and LUNA/USD will work under this shadow too.  Coupled with the notion that price pressure is evident in Terra’s ecosystem via its stable coin will have an effect on LUNA/USD also. Values of LUNA/USD can be expected to see a great deal of volatility the remainder of the day.

If LUNA/USD falters to the 27.00000000 mark again, it will not be surprising to see the cryptocurrency retest morning lows again.  The abrupt nature of the selling pressure in the broad market, and the onslaught of behavioral sentiment which is likely feeling the sting of massive losses in some trading accounts will not help ease the tension. The question for LUNA/USD is when stability may come back into its trading landscape, and that may not happen for a while. LUNA/USD will certainly continue to shake in value as long as the Terra ecosystem which is geared towards its stable coin which is under fire, suffers further price pressure.

Traders who want to sell LUNA/USD need to be cautious. It may be the logical decision, but speculators need to be prepared for massive spikes and unsuspecting news flow which may continue to be experienced. If LUNA/USD breaks below the 24.000000000 level, there is reason to suspect prices not seen since the middle of August of 2021 could be displayed.

Terra Short-Term Outlook

Current Resistance: 32.58000000

Current Support: 27.63000000

High Target: 44.8700000

Low Target: 21.59000000

LUNA/USD created new highs over the weekend and the cryptocurrency continues to maintain its optimistic speculative stance.

LUNA/USD has created new record highs in the past day, and of this morning is showing that it has the ability to remain in sight of apex values. Yesterday’s trading took LUNA/USD above the 118.00000000 juncture, before reversing slightly on apparent profit taking as Terra went to a low of nearly 111.00000000. However after stumbling lower during Sunday’s flurry of activity, LUNA/USD did not sink below lows seen on Saturday.

Incrementally, LUNA/USD continues to hammer away at record highs, and as of this writing the cryptocurrency is near the 114.0000000 level.  Terra does move rather fast and has shown it has the capability to have price velocity that can be interpreted as speculatively strong. On the 1^st of April, LUNA/USD was trading near the 98.75000000 price. This after LUNA/USD penetrated the 100.00000000 mark on the 28^th of March and began to challenge highs seen on the 10^th of the month.

A high above 111.000000000 was achieved on the 30^th of March, before LUNA/USD sank to lows in the next two days. This is pointed out to showcase that LUNA/USD does in fact reverse lower and its moves can be substantial, so traders should not expect one way trading avenues upward exclusively. Stop losses and the perception regarding the potential of support levels being tested, and even punctured lower must be considered.

However, LUNA/USD does continue to show it is bullish.  If current support levels can hold, there seems to be a genuine case technically via mid-term charts that Terra can push upwards. The broad cryptocurrency market has continued to also show signs of optimistic life; many of the major cryptocurrencies are challenging important resistance levels and have not suffered volatile moves lower.

Cautious LUNA/USD traders may want to use moves lower to ignite their buying positions. If the 114.00000000 level is maintained by LUNA/USD this would be a positive indicator. Traders may have to be patient. Having touched new highs yesterday, there is the possibility some consolidation should be expected in the short term. Yet the trend in LUNA/USD does look positive, and there seems to be plenty of logical speculative perspective which points to a buying wager. Traders should remain realistic with their price targets when aiming for higher values. As pointed out LUNA/USD is not a one way street. Cashing out profits should they develop, is a solid idea for day traders.

Terra Short-Term Outlook

Current Resistance: 116.19000000

Current Support: 112.58000000

High Target: 119.2500000

Low Target: 110.01000000