Has Terra’s Rally Ended? Will LUNA Price Ignite Massive Surge With Ethereum Merger? – Coinpedia – Fintech & Cryptocurreny News Media

There has been concrete evidence, supported by the investors’ bullish sentiment, that the infamous Terra ecosystem, which caused the market to crash four months ago, is attempting to recover and gain the trust of the participants once again.

LUNA, Terra 2.0’s cryptocurrency, stayed below the $ 3 threshold for nearly three months straight, and every subsequent price increase was quickly negated.

Nonetheless, LUNA exploded last week, increasing by almost 230%, with a single-day increase of 188.72% on September 9. It marked a spectacular comeback in the cryptocurrency market.

The Inevitable Retracement

Unfortunately, LUNA has started to decline again over the past 72 hours, losing almost 33.3% in that time, which has worried LUNA holders.

TradingView Chart

Undoubtedly, the altcoin had become overbought and this retracement or fall can be seen as a much-needed return to normalcy. It is poised to fall even further from here.

This rapid buying pressure can only be linked to fomo