Terra (LUNA) Price Fumbles Despite $1.64B Worth Total Bitcoin Reserves

Luna Foundation Guard Offers $1.5B For Stablecoin Peg Following Deviance
  • The LFG has 39,898 BTC, making it the 19th-largest BTC holder.
  • LUNA’s weighted sentiment was in the negative as per Santiment.

Despite the LUNA Foundation Guard’s continued acquisition of Bitcoin, the present downward trend has occurred. Total value locked (TVL) seems to have placed LUNA at risk. Over the weekend, the Luna Foundation Guard (LFG) proceeded to buy more Bitcoin. At this writing, the LFG had 39,898 BTC, making it the 19th-largest BTC holder.

Total Value Locked (TVL) Plunges

On April 10, Bitinfocharts.com reported that the LFG had acquired its latest BTC. As a result, bitcoin reserves have increased, although LUNA’s total value locked (TVL) decreased, bringing the price down to below $85. There has been a 4.42-per cent drop in the value of LUNA’s TVL in only the previous 24 hours, and it is still significantly below the $31.29B high set on April 6.

It will need LUNA to break through the day’s primary support levels and the $93.15 pivot to make a run at the First Major Resistance Level at $94.75. To get to $90, LUNA will require the backing of the crypto market. The second Major Resistance Level at $97.66 will be tested with a long rally. At $102.17, the third significant level of resistance is in place. LUNA is likely to go below $80 today if the sell-off continues during the day and breaks the critical support of $84.43.

For April 1, Santiment statistics revealed that LUNA’s weighted sentiment was in the negative. This, even though the value had risen past the $100 mark. This prolonged period of low spirits might be the gasoline that LUNA needs to start another surge. That’s why sentiment was a negative -0.99, but it’s also a positive note.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.