It appears that the market is in no mood to rise over the last few days of the year 2021. As the profits gained are quickly shed off with constant plunges for 2 consecutive days. And hence causing a deep impact on most of the crypto assets mainly to Bitcoin as it slashed below $48K again. Following the downward market sentiments, the top 10 crypto assets including the Terra(LUNA) price is also plunging and are expected to revisit lower levels.
The LUNA price had reached above $100 just a couple of days before amid the bullish market sentiments. But ever since then, the market turned out to be extremely bearish that dragging the price towards its support levels. However, many expected the asset to regain the momentum and propel above $100 before EOY, but the current technicals suggest Terra may not regain $100 levels before mid of January 2022.
Terra (LUNA) Price Analysis
As mentioned in the above chart, it appears that the LUNA price is poised for a 15% drop to end the year 2021 on a bearish note. The asset, after hitting the lower support levels around $70 which is also around the 200-day MA levels, could eventually regain the bullish momentum. Further, the path towards the $100 target could be pretty clear, however, it includes a couple of corrections too.
On the other hand, the RSI in the short-term has dropped to its lower levels and may flip anytime from now. Therefore by gaining strength in the rally, the LUNA price could range up to a certain extent but yet may not reach the $100 mark as still has not yet showcased its divergence from the bearish trend.
Collectively, the LUNA price appears to have lost hopes of a countdown push towards $100. And hence, woefully, Terra price may not end the 2021 trade with a 3-digit figure yet the start of 2022 could be thriving.