Terra Luna Price is Going to Zero as Global Investors Abandon the Coin for This New AI Crypto Project – How Does it Work?
Despite positive developments in the broader crypto market, Terra Luna has been unable to halt its continuous decline, as technical indicators suggest a bleak outlook for the cryptocurrency's future. The once respected crypto is currently trading at $0.0000916 with a 1.43% decline over the past 24 hours, and indicators suggest the near future may not be great for the LUNC price either.
With Terra Luna's price currently below its 20-day Exponential Moving Average (EMA) of $0.00009175, it is likely that selling pressure will continue in the immediate future.
Similarly, the 50-day EMA is at $0.00009549, and the 100-day EMA is at $0.00010862, both well above the current Luna Price, showing a strong bearish trend.
The RSI has dropped to 47.97 from yesterday's 51.44, suggesting that the selling pressure is increasing and the Luna Price could continue to decline.
The MACD histogram has also turned negative at -0.00000004 from yesterday's 0.00000004, further indicating that the bearish momentum is building up.
According to CoinMarketCap, the market cap of Terra Luna has decreased by 3.69% to $527 million, while the 24-hour trading volume has increased by 8.24% to $64 million.
This increase in trading volume, coupled with the decrease in market cap, indicates that there is heightened selling pressure on the Luna Price, which could further bring down the price of the cryptocurrency.
The immediate resistance for the Luna Price is the reverse Fib 0.5 level at $0.00009552, which is in confluence with the 50-day EMA at $0.00009549.
This resistance has already been tested earlier today, with the price reaching an intraday high of $0.00009647, but the bears have since taken control, pushing the Luna Price back down to its current level.
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