- Terra price analysis indicates a bearish market sentiment.
- LUNA has been on a bull run in the last seven days.
- However, the price has started to show signs of weakness.
The Terra LUNA price has seen a sharp decline over the last 24 hours, shedding over 24% of its value. The cryptocurrency trades at $2.97 from its 7-day high of $3.78.
LUNA/USD weekly price chart (Source: CoinMarketCap)
The 7-day high was achieved on the back of a strong rally that took the LUNA price from $1.943 to $7.0, an increase of over 48%. However, the rally appears to have lost steam, and the price has slid lower.
The bearish move in the Terra LUNA price has been accompanied by a sell-off in the broader cryptocurrency market. Bitcoin, Ethereum, and other major cryptocurrencies have also seen their prices decline over the last 24 hours.
The sharp decline in the Terra LUNA price is likely a product of profit booking by traders after the recent rally. The bears will now be looking to push the price lower to test the $2.50 support level. The 24-hour volume has decreased, which stands at $1.6 billion, while the market capitalization is over $385 million.
If the bears push the price below $2.50, a further decline towards the $2.00 level is likely. However, if the bulls can defend the $2.50 support level, a move back towards the $3.00 level is possible.
The cryptocurrency market has been on a roller coaster in the past week. After a brief period of stability, prices have again begun to fall, with many coins losing ground against the US dollar. One coin that has been particularly hard hit is Terra LUNA.
LUNA/USD 1-Day price chart (Source: TradingView)
The moving average (MA) is above the price candles, which shows that the market is in a downtrend, while the 200-day MA is far away from the current market price, signifying that the coin has a long way to fall if the market trend continues.
Overall, the Terra LUNA price is under pressure, and a further decline toward the $2.00 level cannot be ruled out. The bulls need to gain traction to push the price back above the $3.00 level.
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