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The collapse of the Terra ecosystem turned 2022 into a nightmare for crypto investors, leading to massive losses. We witnessed the bankruptcy of many popular companies. With the collapse of FTX, Alameda, 3CA, Celsius, and others, we found ourselves in one of the rarest instances of extreme sell-offs in crypto. BTC violated its previous ATH level as support and is now trading close to its all-time high again.
LUNA Coin Analysis
Terra accepted a billion-dollar fine and will make a substantial payment to the US. However, the source of this money is debatable because paying over 4 billion dollars after the collapse of a 40 billion dollar ecosystem is not easy. At the time of writing, the LUNA Coin price is at $0.43. It dropped to $0.38 with the BTC decline.
After the collapse, the continuously declining LUNA Coin is hovering around the dip it saw after the new token distribution. If it can reclaim the $0.548 support, it may gather strength for new upward attempts. On the other hand, if it surpasses $0.679, targets of $0.78 and $0.94 can be considered.
In a speculative rally, the peak around $1.2 seen at the beginning and end of March looks suitable. For now, BTC has not yet initiated a solid upward movement. A recovery supported by BTC might be discussed with the reclaiming of $64,600. Currently, the price is at $62,000.
LUNC Coin Prediction
The LUNC, which turned into a ghost town and became worthless with increasing supply, lost the $0.0000888 support. At the time of writing, it is trading at $0.000081. If we see new attempts at the $0.0000712 support, it will open the door to deeper lows. The price staying strong above the support is related to the BTC price reversal from $58,500.
If LUNC can reclaim $0.0000951 as support, targets of $0.000128 and $0.000142 can be considered. In a possible speculative rise (as LUNC investors are accustomed to these), we might see a large upper wick above $0.000173. Of course, for this to happen, BTC must establish a solid ground and we need to see a recovery in investor risk appetite.
