By Nathan Ferguson
- The Luna Foundation Guard (LFG) owns 39,898 BTCs, becoming the 19th largest $BTC holder.
- Terra’s TVL plunged beneath $27 million despite the surged Bitcoin holding. That pressures Terra’s price.
- Technical indicators flash bearishness, with LUNA staying beneath the 200-day Exponential Moving Average.
LUNA sustained bearish actions on Sunday. The 5.60% drop reversed Saturday’s 3.05 surge to end yesterday near the $91.81 value area. Terra’s alt has plummeted in five of its previous six sessions since the alt touched new ATHs of $118.03 on 3 April.
The ongoing bearish tendencies emerge despite the LFG continuing to buy BTC. The drop in TVL (total value locked) seems to have LUNA under pressure.
LFG Becomes 19th Largest $BTC Holder
The Luna Foundation Guard extended its BTC buy over the weekend. While writing this content, LFG ranked 19th as far as Bitcoin holdings are concerned, with 39,898 $BTC. Bitinfocharts.com reveals LFG bought its last $BTC on 10 April. Moreover, CoinDesk confirmed LFG’s BTC wallet address last month.
Though a surge in BTC reserves means positivity for LUNA price, Terra’s TVL has plunged, pulling the alternative token lower to sub-$100. DeFi Llama data shows LUNA’s total value locked at $26.99 billion, reflecting a 4.42% decline within the past 24 hours and beneath the 6 April ATHs at $31.29 billion.
LUNA Price Function
While writing these lines, LUNA traded at $88.21, following a 3.92% fall over the past day. Downward actions earlier today saw Terra’s alt plummeting towards $86.77 lows. The bearish moves had LUNA violating the first crucial support at $90.25 and the 2nd massive foothold at $88.65.
Technical indicators
The alt should move beyond the day’s crucial support and pivot at $93.15 for a leg-up towards the first resistance zone at $94.75. Nevertheless, overall market support is essential for LUNA to overpower the $90 mark.
Extended surges would see the token testing the second resistance zone neat $97.66. LUNA has its 3rd resistance floor at $102.17. Nevertheless, failure to keep the pivot and critical supports will mean hitting the 3rd massive support at $4.13. Excluding continued downtrends through the day, Terra’s alt should avoid a sub-$80 return.
The EMAs and 4hr candle chart flash bearish signals. LUNA stays well under the 200-day Exponential Moving Average at $96.48. Moreover, a pessimistic sign emerged this morning. The 50-dayEMA crossed the 100-dayEMA. Also, the 100-dayEMA narrowed towards the 200-dayEMA, bringing support floors into play. Further narrowing of 50-dayEMA onto the 200-dayEMA would see the 3rd massive support.