Is LUNA price unrecoverable at this point
- LUNA price plummets to $0.01.
- Terra Luna's price shows no signs of recovery.
- Traders should consider LUNA as a no-trade asset until further notice.
LUNA price is one of the largest crashes in Crypto history. Unpredictable price action is likely to continue.
LUNA price is a big question mark
Luna price has fallen to an astronomical $0.01 from a weekly open of $64. At this point, looking at the size of the bearish candle, it is hard to predict any price action. It is hard to predict any price action following this unprecedented meltdown.
Terra Luna creators will likely need to spend considerable time on public relations, press, and responding to investors. Do Kwon, CEO of Terraform Labs, has recently been addressing the company’s failure assuring investors that he will help the community “build its way out” of the disastrous crypto bankruptcy.
LUNA/1-Week Chart
Investing in the current LUNA price is purely a speculative gamble as there is no way to forecast a probable move in either direction using technical analysis. Thus, it is probably best to avoid the LUNA price action and let things blow over. As more chart evidence is displayed in a few weeks, there may be a possibility to forecast the next move. For now, LUNA price should be viewed as a no-trade digital asset until further notice.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
