Despite the positive developments in the cryptocurrency market, Terra Luna continues to suffer a downward trend. Currently trading at $0.0000916, with a 1.43% decrease in the past 24 hours, technical indicators suggest a bleak future.
The 20-day Exponential Moving Average (EMA) of $0.00009175 is below the Luna Price, indicating that the selling pressure is likely to continue. Similarly, the 50-day EMA is at $0.00009549, and the 100-day EMA is at $0.00010862 – both of which are above the current Luna Price, signifying a strong bearish trend. The Relative Strength Index (RSI) has dropped to 47.97 from yesterday’s 51.44, and the MACD histogram has turned negative at -0.00000004, further indicating that the bearish momentum is growing.
CoinMarketCap data shows a decrease of 3.69% in Terra Luna’s market cap, which is now at $527 million, as well as an 8.24% increase in 24-hour trading volume, now reaching $64 million. This increase in trading volume, accompanied by the decrease in market cap, indicates that there is a greater selling pressure on the Luna Price, potentially pushing it down further.
The immediate resistance for the Luna Price is the reverse Fib 0.5 level at $0.00009552, which is in line with the 50-day EMA at $0.00009549. This resistance was tested earlier today, with the price reaching an intraday high of $0.00009647, but the bears managed to push the Luna Price back down. The immediate support for the Luna Price is the reverse Fib 0.382 level at $0.00009091. If the price closes below this level, it will then act as immediate resistance, further complicating the bulls’ efforts to regain control.
Given the current technical indicators, it is likely that Terra Luna will continue on its downward trajectory if the selling pressure and bearish momentum persist.
Nevertheless, the cryptocurrency market still holds potential for growth. yPredict, an AI-powered crypto market intelligence platform, recently launched its first AI-powered model, the yPredict Backlink Model, which is free for a limited time. It is trained on over 100 million links and predicts the exact backlink profile a URL needs to rank for a specific keyword. The platform is also developing a content solution for medium to large content teams.
yPredict’s $YPRED token is gaining traction as a competitive AI utility coin and is built on the Polygon blockchain, offering users low gas fees and fast transactions. Ten percent of subscription fees paid for accessing premium features on the platform will be distributed to existing $YPRED token holders, incentivizing long-term holding and reducing sell pressure. Furthermore, $YPRED holders can stake their tokens in pools to benefit from monthly rewards.
With a fair tokenomics structure and a strong focus on AI-driven solutions, yPredict’s $YPRED token and its expanding platform offerings are gaining the attention of investors as they search for new opportunities in the ever-changing cryptocurrency market. Interested users can join the waitlist for yPredict’s beta platform, and the company has plans to make its crypto price prediction system free and accessible to all.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
