Analysis of the Terra Price: Charts Show a Further Drop to $36.8; LUNA Price Loses 50% Retracement Mark

In just two weeks, aggressive selling has reduced the LUNA price by 45 percent. The LUNA/USD chart shows a bearish breakdown from two-month low support at $54, implying that the price will continue to fall. If the sellers keep up their current pace, the coin's price will soon fall by 30% to $36.8.

Key technical points:

The daily RSI Slope is approaching the oversold zone.
The LUNA price would soon retest the 200-day moving average.
The intraday trading volume in LUNA/USD is $3.4 billion, representing a 37% increase.

With a massive bearish candle, the LUNA price falls below the 0.5 Fibonacci retracement level. A daily candle closing below this support level should confirm this drop, indicating a further decline.

The downsloping of the 20 and 50 MAs indicates that the bears are in control. Furthermore, the coin's price is steadily approaching the 200 MA from above, implying a bearish crossover.

The daily-Relative Strength index slope has dropped to 30% and may have entered the oversold region.

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