The bulls were slowly trying to exit the crypto market. Coins like Terra [LUNA], Solana [SOL] and Avalanche [AVAX] seemed to be the victims of the trend reversal. The other coins weren’t far behind as they sluggishly followed suit. Bitcoin’s aim to rise above $50k was once again disrupted by the bears. During press time, the king coin was trading for $48,450. Consequently, the market cap of BTC slumped to $914 billion.
The meme coins, Shiba Inu [SHIB] and Dogecoin [DOGE] were having a ball while the other coins were being sucked into the bearish pit.
Terra [LUNA] amassed immense popularity over the last couple of months. The altcoin managed to garner a spot in the top 10 beating prominent crypto assets. Currently, Terra sits as the ninth largest cryptocurrency with a market cap of $31/74 billion.
Moving over to its price, the bulls in LUNA’s market pushed the price of the coin all the way to a high of $97. So close yet so far. Despite being so close to $100, Terra failed to move beyond it. At the time of writing, LUNA was trading for $86.93 with massive price drop of 9.74%. Over the last couple of days, the altcoin secured gains of up to 33%.
Terra [LUNA] one-hour price chart on Binance
The short-term price chart of LUNA affirmed that the altcoin was in for a change. The Parabolic SAR indicator used in the chart was singing a whole different tune. The indicator laid out dotted lines over the price candles forming a potential hurdle for an upward breakout. However, the Awesome Oscillator indicator released a very bullish notion. The indicator formed a green closing bar and restored hope in the LUNA market.
The Relative Strength Index [RSI] indicator suggested that the LUNA market was filled with sellers. Since the RSI marker was dipped below the 50 median yet was directed towards the buyers’ zone, a possible change could be underway.
