The fresh day trade began with the crypto space encountering yet another downtrend that dragged the price of Bitcoin below $50K yet again. With the drop in BTC price, most of the altcoins also lost their grip over the uptrend. Terra(LUNA) price which is counted among the top 5 assets w.r.t the trading volume(excluding stablecoins) has plunged drastically since the early trading hours.
The bears who had just got off for a couple of days have yet again jumped in action to drag the price to rock bottom levels. Currently, the buyers are giving tough fights to the sellers in maintaining the uptrend line. But the probability of breaking the trend line also appears pretty high, if it fails to retest.
The LUNA price is trending within crucial levels as the asset may undertake either a bullish move or else a bearish move. As the chart showcases that the asset is trending within a rising channel and today’s downtrend dragged the price towards the lower support levels. The price is an inch close to hit the support levels, and now a strong rebound is required in order to keep up with the uptrend. The price may further swing within the channel for some more time and finally pull a notable leg breaking through the channel.
Else, if the price breaks through these support levels, then it may take a notable drawback below $70 and buckle up itself to rebound. In the due course, the asset may encounter a bearish end to the yearly trade of 2022. However, the Q1 of 2022 is expected to be more thriving than ever, uplifting the Terra(LUNA) price above mandatory resistance levels.