The LUNA coin price approaches the $50 support zone due to the recent bear attack. Bulls at backfoot struggle to sustain above the support zone. Terra is a protocol for blockchain which uses stablecoins pegged with fiat to provide price stability for global payment systems. It combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin and offers fast and affordable settlements. It ensures that its one-to-one peg is maintained with an algorithm that alters the stablecoin’s supply in response to the demand. Let us move ahead to read about the LUNA technical analysis. Past Performance of LUNA The LUNA coin price falls up to 30% within the past week as it approaches the crucial support zone at $50. The support zone maintains the price above the half-century mark by providing support multiple times in the past 6 months. However, the increased trend-momentum of the downfall in the last few days increases the chances. LUNA/USD Daily Chart LUNA Technical Analysis The LUNA coin price shows a jump of more than 5% from the $50 support zone resulting in the first bullish candle. However, the increased selling pressure might soon drive the price lower in the latter half of the day. The crucial Exponential Moving averages maintain a bullish alignment as the price rests at the 200-day EMA. Moreover, the falling 50 and 100-day EMAs might shortly give a bearish crossover. The MACD Indicator show...
