Terra (LUNA) may sink to $78 in a Bear Breakout Formation

Terra is retracing from 2022 highs of around $120 when writing. Considering steep losses in the past trading sessions, LUNA may fall to retest $78. Past Performance The Terra coin is dumping at spot rates, falling eight percent in the previous 24 hours and a massive 24 percent on the last trading week. LUNA is within a bear breakout pattern, falling from 2022 highs as sellers step up in a retracement. Terra LUNA Technical Analysis From the daily chart, LUNA is pulling back from $120. It is also below the 20-day moving average in a correction. Based on the LUNA candlestick arrangement in the daily chart, traders might find trading opportunities in every retest back to April 11 highs and the middle BB at $90 and $100, respectively. As sellers step up, the Terra price may retest $78—the 50 percent Fibonacci retracement level. At later stages, it could drop to $60—the 78.6 percent Fibonacci retracement level if the correction is profound. Any sharp spike unwinding recent losses and forcing the coin above the middle BB invalidates the bearish preview. What to Expect? The Terra coin is under strong selling pressure at spot rates, breaking below a multi-week flexible support line of the middle BB. As long as LUNA is below $100, sellers have the upper hand and may drop to as low as $78 in a bear continuation pattern.The post Terra (LUNA) may sink to $78 in a Bear Breakout Formation first appeared on Cryptoknowmics-Crypto News and Medi...