- On April 8, the bullish LUNA price analysis is at $117.420.
- LUNA’s bearish market price analysis for April 8, 2022, is $92.440.
- Terra’s MA shows a downward trend.
In Terra (LUNA) price analysis on April 8, 2021, we use price patterns, and Moving Average about LUNA to analyze the future movement of the cryptocurrency.
Terra is a blockchain network built using Cosmos SDK specializing in stablecoin creation. Rather than use fiat or over-collateralized crypto as reserves, each and individual stablecoin is convertible into the network’s native token LUNA. It enables users to pay network fees, participate in governance, stake in the Tendermint Delegated Proof of Stake consensus mechanism, and peg stablecoins.
Stablecoins on the Terra network use a different method to maintain price parity than collateralized fiat-backed stablecoins and crypto-backed stablecoins. However, Terra’s stablecoins, use algorithmic methods to control their supply and maintain the peg. The LUNA token is integral to Terra’s algorithmic stablecoins as it absorbs the stablecoin’s demand volatility. with an elastic monetary policy, LUNA carefully controls the supply of Terra’s currencies.
Terra Station is the official Terra crypto wallet and dashboard that allows LUNA holders to access their funds, stake, and participate in governance. It’s available as both an app for mobile devices and as a browser extension. It is a non-custodial wallet, which means, only you have access to your private keys.
Terra (LUNA) Price Analysis
LUNA price analysis on April 8, 2022, is explained below with an hourly time frame.
An ascending channel is a chart pattern formed from two upward trendlines and drawn above and below a price representing resistance and support levels. The ascending channel is also known as a rising channel and channel up. The lower line is identified first, as running along with the lows, defines the trendline. The upper line is identified as parallel to the trendline, running along with the highs. It is a bullish chart pattern defined by a trend line supporting the series of higher lows and a diagonal resistance level connecting the higher highs.
When the price is around the bottom trendline, look for long opportunities, although aggressive traders could trade long and short at both trend lines looking for a bounce or pullback. The breakout above the upper trendline generates a strong buy signal, while a break down below the lower trendline generates a strong sell signal.
Currently, the price of LUNA is $43,539. If the pattern continues, the price of LUNA might reach the resistance level of $43,890 and the buy level of LUNA is $117.420. If the trend reverses, then the price of LUNA may fall to $92.445.
Terra (LUNA) Moving Average
The LUNA’s Moving Average (MA) is shown in the chart below.
Currently, LUNA is in a bearish state. Notably, the LUNA price lies below 50 MA (short-term) and 200 MA (short-term), so it is completely in a downward trend. Therefore, there is a possibility of a reversal trend of LUNA at any time.
Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.