LUNA Price Risks 15% Downswing If Bulls Fail To Breach This Resistance Level

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Terra Luna price (LUNA) has displayed massive volatility since the onset of the year, dropping around 30% to lose the critical support around $1.49, now turned resistance. The aforementioned barricade has suppressed LUNA since the first week of March, making it the invalidation level. This means that a decisive candlestick close above this level could clear the path for further gains.

LUNA Price Could Ride The Wave Of Altcoin Season

Terra Luna price could secure a northbound move if the LUNA bulls ride the wave of the altcoin season. Altcoin season is an informal term describing the phase where investing in altcoins provides better returns than Bitcoin (BTC) or Ethereum (ETH).

With Bitcoin dominance slowly easing down, the altcoin market is starting to show some interesting activity. LUNA price could benefit if the bulls play their cards right.

? Get ready to ride the wave of #AltcoinSeason! ?

? The #crypto market is heating up and opportunities are abound. Are you in it to win it? ? pic.twitter.com/gguxIGn2Jd

— Keyur Rohit (@CryptoKingKeyur) April 17, 2023

A rough understanding of how altcoin seasons come into play is as follows:

Fresh capital enters the cryptocurrency ecosystem, flowing into Bitcoin, Ethereum, and stablecoins like USDT and USDC. This capital inflow comes as these assets are dimmed ‘safe.’
Markets begin to rally because of the aforementioned capital influx, causing the profits from the concerned ecosystems to move into altcoins. Notably, this capital influx also includes new capital.
The capital rotation described above is what provokes the onset of an altcoin season.

Analysis of Terra Luna Price Action

At the time of writing, LUNA price is $1.38, after losing almost 2% in the last 24 hours. Based on CoinMarketCap data, trading activity for the altcoin is also down, showing a 16.37% decline in 24-hour trading volume to $43.2 million.

Accordingly, LUNA price is at risk of dropping as demand for the altcoin continues to wane. Terra Luna could drop to the $1.19 support floor if this price action continues. Such a move would constitute a 13.73% decline from the current price.

The bearish outlook is also supported by accumulating overhead pressure that continues to weigh down on Terra Luna. For starters, the altcoin was battling immediate resistance due to the 50-day Simple Moving Average (SMA) at $1.39. If bulls manage to use this supplier congestion zone to their advantage, it will pave the way for a northbound move.

Moreover, the Relative Strength Index (RSI) was also headed south, indicating investors were leaving the market. If the trajectory continues, the momentum indicator could soon call a ‘sell signal,’ authenticated once the RSI (purple) crosses below the Stochastic RSI (yellow). If market players heed that call, LUNA price could head lower. This thesis is also supported by the position of the Moving Average Convergence Divergence (MACD) below the mean line. This, coupled with the fading histograms, suggested bears were leading the market, and LUNA price was due for further declines.

Santiment Data To Support The Bearish Thesis

Based on Santiment data, Terra Luna social volume has been decreasing steadily since March, dropping from 1040 to 148, marking an 85% drop. Social volume is a key indicator because it represents the overall activity of a security or a market.

Low social volume can indicate a lack of interest in LUNA among traders and investors.

On the flip side, if sidelined investors come into play, buying pressure for LUNA would increase, triggering a new wave of demand to pump Terra Luna. In such a scenario, the altcoin could regain above the 50-day SMA at $1.39 before heading north.

If buyer momentum continues to increase above the 50-day SMA, LUNA could confront the next barricade at $1.49 before the end of the week. A decisive candlestick close above this level could invalidate the bearish postulation.

Further, Terra Luna price could extend a neck up to tag the next roadblock due to the 100-day SMA at $1.66 or, in highly ambitious cases, tag the resistance confluence between the horizontal line and the 200-day SMA at $1.77. Such a move would denote a 28% ascent from the current price.

LUNA Alternatives

While we continue monitoring Terra Luna price, consider LHINU, the ticker token for the Love Hate Inu ecosystem.

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Love Hate Inu is the new cryptocurrency destined to be bigger than Ethereum as its presale explodes. Based on the latest update, the fundraiser for the LHINU token has just surpassed $4.3 million in token sales, marking another watershed moment for community members. This milestone comes amid the excitement around Ethereum’s Shanghai hard fork, with Love Hate Inu achieving fantastic results with its presale.

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— Love Hate Inu (@LoveHateInu) April 17, 2023

The Love Hate Inu project introduces a new meme coin in the market that is already making headlines with its presale. Anyone puzzled about their next investment move and unsure where to shift their attention should consider LHINU.

The project is committed to entertaining the investors. However, its use cases go above and beyond the fun. It comprises certain features that the investors can rely on, starting with the LHINU toke itself serving as the tool for unlocking the vote2earn mechanics for the sole benefit of project investors.

As a result, investing in Love Hate Inu will give you the opportunity to earn. This is different from the classic case where you share your opinion with your friends just for the sake of it. Furthermore, investors reserve the right to vote on the topics they connect to or with the most and will be rewarded for doing so. The rewards are dependent on the staking period and the number of tokens that the investors decide to stake.

The LHINU project is the ideal go-to investment for anyone looking to benefit from expressing their opinion about important topics. The topics could be social issues, politics, entertainment, or others. The privacy of individual topics is backed with utmost anonymity, guaranteed by the Love Hate Inu platform.

The anonymity encourages individual voters to maintain honesty in their attitudes, as there will be no retaliation whatsoever. Given that Love Hate Inu incorporates blockchain, it is impossible to tamper with the results of the voting process. This comes as blockchain makes the platform fully secure and transparent.

Time To Buy LHINU

Notwithstanding, the primary reason for expediting your decision to join early investors in the LHINU project is that 90% of the tokens will be sold during the presale. The main objective behind such a structure is to confer power to investors. At the same time, it also goes into proving that Love Hate Inu is not a rug pull, as only a meager 10% has been reserved for the listings.

Time is of the essence! If you wish to cash in from this vote2earn mechanics, you had better get your LHINU tokens now!

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