At the time of writing, February 1st, 2022, the price of Terra (LUNA) sits at $51.83. About 24 hours ago, the coin attempted to breach the $52 mark but was unsuccessful. The crypto industry’s market cap around the same time sat at $1.83 trillion, following a 1.6% increase in the last 24 hours. However, at the time of writing, it dropped once again, currently sitting at $1.75.
Terra (LUNA) in 2022
Terra started 2022 with a price of $87 per coin and still growing. At the time, the coin was still recovering from a drop that took place after Christmas, which took it from $102.9 to $81.24 in only two days. The recovery started taking the coin up towards $93.65, and so when the new year started, LUNA found itself at $87.
The coin then kept going up to $93.65, which marked its highest point in 2022 so far. However, immediately after reaching this level LUNA started crashing down. This was on January 3rd, and its drop continued throughout the next week. The coin encountered a number of support levels that attempted to stop its descent, but they all got broken, one after the other, including the ones at $87, $85, $75, and $70. Finally, the one at $65 managed to stop the coin’s drop and allow it to start yet another recovery.
The new recovery started on January 8th, and it took the coin to $75 by January 9th. After a brief correction to $70, the coin continued heading up towards $86.60, which is reached about a week later, on January 16th. Only days later, the coin dropped back to $75, recovered to $85 again, and then crashed to $60.
LUNA price spirals down
At this time, it was January 22nd, and as soon as it reached this level, LUNA recovered again, this time hitting a resistance at $70 which rejected it for several days. Finally losing its strength, Terra’s price started spiraling down until it finally reached the bottom at $43.58 on January 31st. However, with the first day of February, the price surged back up to $53.47, only it couldn’t maintain this, as mentioned earlier.
The resistance at $52 did not get broken, and LUNA was rejected to $51.83, which is where it sits at the time of writing.
Technical indicators are showing that the project is seeing an inflow, causing the volume to pick up alongside the price. However, the indicators cannot reveal if LUNA can maintain this price height in trading sessions to come.
The Relative Strength Index, which is responsible for depicting the pressure and buying strength in the market, remained below the zero-line over the past week. This was a clear indication of a period of continued sell-off. However, with the start of the new month, LUNA did start to see a price recovery. The question now is whether it is just a brief break from the bearish trend, or if it can be a permanent increase that could help LUNA climb back up again.
To learn more about this token visit our Investing in Terra guide.
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