Terra's LUNA 2.0 price has dipped below $5, crashing by more than 60% over the past week. The Layer 1 token reached a low of $4.50 and it is hovering around $4.80 at the time of writing. Further selling pressure could send LUNA 2.0 price to retest May 28's low at $3.50.
LUNA 2.0 hourly chart
Terra's LUNA 2.0 price needs to reclaim $5.30 as support to have a chance of invalidating the pessimistic outlook. If this were to happen, LUNA could rebound to $6 or even $6.70.
Why shorting Terra's LUNA 2.0 price can be profitable
A brief technical and on-chain analysis on Terra's price. In the video below, FXStreet’s analysts evaluate where LUNA 2.0 price could be heading next.
