The post Luna 2.0 Price in Hot water- Will the Bulls take over anytime soon? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide
LUNA 2.0 price is experiencing a tough time as the asset is testing the last line of defence at around $3.3 at the moment. As the Bitcoin price tanked down within a short time after surging by more than 7% in the early trading hours, This impacted the LUNA price deeply, but still, the possibility of a strong bounce-back cannot be eliminated.
With the launch of a new chain Terra 2.0, the asset was expected to kickstart a mega rally aiming to recover the previous losses. However, the prices experienced tremendous bearish pressure in the past couple of hours, compelling the asset to break down from the descending triangle. As Coinpeida reported earlier, the price tanked down below $3.8 to hit $3.3 and preparing a bullish setup.
Collectively, the launch of the Terra 2.0 chain appears not to be in favour of the market as the prices kept on sliding down from the beginning. On the other hand, after the recent LUNC-USTC episode, it would be a tedious job to regain the trust of the investors. And hence the LUNA price could take up some more time to recover and set up a strong bullish trend.