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Terra price key support level breaks after 30% weekly drop — more pain for LUNA ahead?

Published 04/11/2022, 12:21 PM
Updated 04/11/2022, 02:00 PM
Terra price key support level breaks after 30% weekly drop — more pain for LUNA ahead?

Terra (LUNA) price slid on April 11 as a broader correction across crypto assets added to the uncertainties concerning its token burning mechanism.

Bitcoin (BTC) and Ether (ETH) led to a decline in the rest of the cryptocurrency market, with LUNA's price dropping by over 8% to nearly $91.50, and about 30% from its record high of $120, set on April 6.

The correlation between LUNA and BTC has been largely positive in 2022. Source: TradingView
LUNA/USD daily price chart featuring 50-day EMA support. Source: TradingView

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