Terra’s LUNA follows the bearish trend and loses its key support after dropping 30% last week. Its burning mechanism raised concerns that the plunge might not be over.
He also alleged that the Luna Foundation Guard, a nonprofit organization that backs the Terra ecosystem, has been using a percentage of burned LUNA supply to buy Bitcoin.
Kwon refuted the claims in a tweet-to-tweet response to Niewold, calling him a"made up clickbait." The self-proclaimed"master of stablecoin" asserted that Terra burns LUNA 1:1 toJose Maria Macedo, head of crypto research platform Delphi Digital, alsoThe latest LUNA selloff also led its price below its key moving average support against the U.S. dollar.
The latest support-to-resistance flip exposes LUNA to the possibility of extending its downtrend toward its 200-day EMA around $67 in April.The 200-day EMA also coincides with the 0.382 Fib line of the Fibonacci retracement graph, drawn from the $4-swing low to the $106-swing high, thus offering LUNA double-layered support against bears.
Conversely, an early rebound from 0.236 Fib line could have LUNA retest $106 as its interim upside target. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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