LUNA/UST debacle leads to discrepancies in BTC-stablecoin trading pairs across global cryptocurrency exchanges. Cryptocurrencies markets continue to suffer major losses following the depegging of Terra (LUNA) ecosystem's stablecoin UST - causing discrepancies between stablecoin pegs and the value of Bitcoin (BTC). Stablecoin Tether (USDT) showed signs of stress as USDT/USD traded under $0.99 on major exchanges. Tether and Bitfinex CTO Paulo Ordoino took to Twitter to assure USDT holders that over 300 million UDST tokens had been redeemed at their $1 peg over the past 24 hours.
April 1, 2022
Terra’s LUNA token broke and closed above the overhead resistance at $96 on March 28. Although the long wick on the day’s candlestick showed selling near $100, the bulls did not allow the price to break back below $96. The buying resumed on March 29 and the bulls thrust the price above the all-time high at $105. If bulls sustain the price above $105, the buying momentum could pick up and the LUNA/USDT pair may rally to $115 and later to $125. A minor negative is that the RSI is showing signs of forming a negative divergence. If the price breaks and sustains below $105, the pair could drop to $96. This is an important support for the bulls to defend because a break and close below it could aggravate selling. The pair could then drop to the 50-day SMA ($78).
February 23, 2022
Terra’s LUNA token picked up bullish momentum after breaking and closing above the downtrend line. Strong buying pushed the price above the minor resistance at $70 on Feb. 25. The moving averages are on the verge of a bullish crossover but the RSI is near the overbought zone. This suggests that bulls have the upper hand but the LUNA/USDT pair could witness a minor correction or consolidation in the near term. On the downside, the bulls are likely to defend the breakout level at $70 and below that the 20-day EMA ($60). If the price rebounds off either support, the pair could extend its rally to $90 where the bears may again offer stiff resistance. This bullish view will be negated on a break and close below the 20-day EMA.
January 3, 2022
Terra’s LUNA token is attempting to resume its uptrend but the bears have other plans, drawing a line near $93.81. The upsloping moving averages and the RSI in the positive territory suggest a slight edge to the buyers. If the price once again rebounds off the 20-day EMA ($82), it will indicate that bulls continue to accumulate on dips. The LUNA/USDT pair will then try to break above $93.81 and challenge the all-time high at $103.60. A break and close above this resistance could start the next leg of the uptrend to $135.26. Conversely, if the price turns down and breaks below the 20-day EMA, it will signal a change in the short-term trend. The pair could then drop to $65.15. The bounce off $81.11 is facing selling in the zone between the 50% Fibonacci retracement at $92.35 and the 61.8% retracement level at $95.01. The bears will now try to pull the price below the 20-EMA and the uptrend line. If they do that, the pair could drop to $84 and then to $81.11. A break and close below this support could signal that bears are back in the game. On the contrary, if the price rebounds off the current level or the uptrend line, the buyers will try to drive the pair above $95.01 and retest the overhead resistance at $103.60.
November 29, 2021
Terra’s LUNA token is trading inside an ascending channel pattern. The bulls successfully defended the support line of the channel between Nov. 24-26 and have pushed the price above the 20-day EMA ($44.33) today. If bulls sustain the price above the 20-day EMA, the LUNA/USDT pair could rise to $52 and then retest the all-time high at $54.95. The rally could face strong selling near the resistance line of the channel. Contrary to this assumption, if the price fails to sustain above the 20-day EMA, it will indicate that traders are selling on rallies. The bears will then again try to sink the price below the channel. If they manage to do that, it will signal a possible change in trend. The pair could then drop to $32 and later to $24. The 4-hour chart shows that bulls pushed the price above the overhead resistance at $45.54 but they are struggling to sustain the pair above it. This indicates that bears are attempting to pull the price back below the breakout level and trap the aggressive bulls. The 20-EMA has turned up and the RSI is in the positive zone, indicating that bulls have a slight advantage. If the price rises from the current level or rebounds off $45.54, it will suggest accumulation on dips. Conversely, a break and close below the moving averages could tilt the short-term advantage in favor of bears. The pair could then drop to $38.
November 12, 2021
Terra protocol’s LUNA token broke and closed above the overhead resistance at $49.54 on Nov. 4. The bears tried to pull the price back below the breakout level on Nov. 5 and 6 but could not sustain the lower levels. This suggests that the bulls are buying on dips. If bulls drive the price above $53.18, the LUNA/USDT pair could rally to the resistance line of the wedge where the bears are expected to mount a stiff resistance. The bullish momentum could pick up if bulls thrust the price above the wedge. Alternatively, if the price turns down from the current level or the overhead resistance, the pair may drop to the support line of the wedge. A break and close below this support will signal a possible change in trend. The pair could then drop to $35. The bulls pushed the price above the resistance line of the triangle indicating that they had overcome the resistance from the bears. The sellers tried to pull the price back into the triangle but the bulls defended the breakout level aggressively. Both moving averages on the 4-hour chart are sloping up and the RSI is in the positive territory, indicating advantage to buyers. If bulls drive the price above $53.18, the pair may rally to the pattern target at $62.59.
October 3, 2021
Terra protocol’s LUNA token broke above the downtrend line on Oct. 2 and bulls followed it up with a break above the all-time high at $45.01 today. However, the long wick on today’s candlestick suggests that bears are attempting to defend the $45.01 level aggressively. If the price turns down from the current level but rebounds off the downtrend line, it will suggest that the sentiment remains positive and traders are buying on dips. The bulls will then make one more attempt to push the price above the $45.01 to $46.17 resistance zone and start the next leg of the uptrend. The psychological level at $50 may act as a resistance but if it is crossed, the LUNA/USDT pair may rally to $65. On the contrary, if the price turns down and breaks below the 20-day EMA ($36.30), the next stop could be the 50-day SMA ($32.97). A break below this support will suggest that the bulls are losing their grip. Although bulls pushed the price above $45.01, the long wick on the candlestick shows selling at higher levels. The bears are currently attempting to trap the aggressive bulls who may have gone long above $45.01. The first support on the downside is the 20-EMA. A strong bounce off this support will suggest the sentiment remains positive. The bulls then try to propel the price above $46.17. Alternatively, a break below the 20-EMA could pull the price down to the 50-SMA. If this support cracks, the pullback may deepen to $33.
September 3, 2021
Terra protocol’s LUNA token is in a strong uptrend. After a few days of consolidation, the price rebounded off the 20-day EMA ($26.42) on Aug. 27, indicating that the sentiment remains positive. The upsloping moving averages and the RSI in the overbought territory indicate that bulls have the upper hand. The first target objective on the upside is a move to $43 and, if that level is crossed, the LUNA/USDT pair may rally to $50. However, the long wick on today’s candlestick suggests that bears are defending the overhead resistance aggressively. If bears pull the price below $32, the pair could drop to the 20-day EMA. This is an important level for the bulls to defend. A strong bounce off it will suggest that the uptrend remains intact, but a break below the 20-day EMA will indicate that the bullish momentum has weakened. The four-hour chart shows a broadening triangle formation, which indicates an increase in volatility. The buyers had pushed the price above the triangle but they could not sustain the breakout, suggesting aggressive selling by the bears at higher levels. If the price rebounds off the 20-day EMA, the bulls will again make one more attempt to clear the overhead hurdle. If bulls sustain the price above the triangle, it may signal the resumption of the up-move. The pattern target of this setup is $46.95. Alternatively, if the price breaks below the moving averages, the pair could drop to the support line of the triangle. A break and close below this support will signal that bears have overpowered the bulls. The pair may then drop to the $22.40-to-$20.81 support zone.
July 8, 2021
The Terra blockchain is secured using a proof-of-stake consensus algorithm based on Tendermint, in which LUNA token holders stake their tokens as collateral to validate transactions, receiving rewards in proportion to the amount of LUNA staked. Tokenholders may also delegate others to validate transactions on their behalf, sharing in any revenue generated. Terra also offers additional guidance to validator nodes on the best practices for helping to keep the network secure.
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