{"id":3929,"date":"2022-05-06T17:29:29","date_gmt":"2022-05-06T17:29:29","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=3929"},"modified":"2022-05-06T17:29:30","modified_gmt":"2022-05-06T17:29:30","slug":"terra-faces-danger-despite-lfgs-bitcoin-accumulation","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=3929","title":{"rendered":"Terra Faces Danger Despite LFG&#8217;s Bitcoin Accumulation"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<h3>Key Takeaways<\/h3>\n<p>Terra has plummeted over the past 24 hours amid growing macroeconomic uncertainty.<br \/>\nLUNA was affected in the latest market downturn despite the Luna Foundation Guard announcing a $1.5 billion Bitcoin purchase.<br \/>\nIf LUNA breaches the $77.70 support level, it could suffer a brutal crash. <\/p>\n<p>Share this article<\/p>\n<p>Terra\u2019s LUNA is approaching a crucial support level that could define its future price action. As the macroeconomic outlook worsens, LUNA is at risk of a steep decline.<\/p>\n<h2>Terra\u2019s LUNA at Vital Support<\/h2>\n<p>Terra is at risk of a downturn as market participants grow fearful about the global economic outlook.<\/p>\n<p>The Layer 1 blockchain\u2019s LUNA token has retraced by more than 10% over the past 24 hours, dipping from a high of $87.80 to a low of $78.80. The bearish impulse commenced Thursday after the Bank of England increased U.K. interest rates from 0.75% to 1% and predicted 10% inflation by the end of the year. On the same day, the Luna Foundation Guard made its biggest Bitcoin purchase yet, adding 37,683 Bitcoin to its reserve fund.<\/p>\n<p>The nonprofit organization announced that it had bought more Bitcoin with the help of Genesis Trading and Three Arrows Capital, bringing its total reserves to around 80,394 Bitcoin. In the past, the Terra-linked foundation\u2019s Bitcoin purchases have instilled confidence in the market and helped LUNA soar to new highs. However, amid a bleak macroeconomic outlook, LUNA failed to react to the latest update.<\/p>\n<p>From a technical perspective, the token looks like it\u2019s in trouble. It recently formed a head-and-shoulders pattern on its daily chart, anticipating a bullish-to-bearish trend reversal. A sustained close below the pattern\u2019s neckline at $77.70 could result in a 35% correction, potentially sending prices below $50.<\/p>\n<p><em>Source: TradingView<\/em><\/p>\n<p>Due to the current market conditions, LUNA is at risk despite LFG\u2019s ongoing Bitcoin spending spree.<\/p>\n<p>Still, the pessimistic outlook could be invalidated if bulls succeed in pushing prices beyond the $94 resistance levels. Breaching this significant supply wall could encourage sidelined investors to re-enter the market, which could help the token revisit its previous all-time high. LUNA hit $119.18 on Apr. 5. It\u2019s since shaved off around 32.8%, trading just above $80 at press time.<\/p>\n<p><em>Disclosure: At the time of writing, the author of this piece owned BTC and ETH.<\/em><\/p>\n<p>Share this article<\/p>\n<p>The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.<\/p>\n<p>You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.<\/p>\n<p>See full terms and conditions.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptobriefing.com\/terra-faces-danger-despite-lfgs-bitcoin-accumulation\/?utm_source=category_feed&#038;utm_medium=rss\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Terra has plummeted over the past 24 hours amid growing macroeconomic uncertainty. LUNA was affected in the latest market downturn despite the Luna Foundation Guard announcing a $1.5 billion Bitcoin purchase. If LUNA breaches the $77.70 support level, it could suffer a brutal crash. Share this article Terra\u2019s LUNA is approaching a crucial [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2372,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[4],"tags":[],"class_list":["post-3929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3929"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3929\/revisions"}],"predecessor-version":[{"id":3930,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3929\/revisions\/3930"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/2372"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}