LUNA has lost more than 40% of its value

LUNA is one of the worst performers among major cryptocurrencies by market capitalization.

The bearish sentiment in the market is intensifying as the market has lost over $100 billion in the past 24 hours. The crypto market has lost over 2% of its value in the last 24 hours and the total market capitalization is now below $1.5 trillion.

Bitcoin briefly dipped towards the psychological level of $30,000 before bouncing back to now trade at $31,800 per coin. Ether continues to trade above $2,400 and is up less than 1% despite a broader market in a bearish situation.

However, the biggest loser among the top 20 cryptocurrencies by market capitalization is LUNA, the native token of the Terra ecosystem.

LUNA is down 44% in the last 24 hours and has lost its place among the top 10 cryptocurrencies by market capitalization. The coin now ranks 13th in the market.

The bearish performance came after Terra’s stablecoin UST slipped below its dollar peg twice yesterday. The UST fell to $0.69 yesterday, raising questions about the stability of the stablecoin.

UST’s difficult situation led LUNA to lose more than 40% of its value in the last 24 hours.

Key levels to monitor

The LUNA/USDT 4-hour chart is one of the most bearish among the top 20 cryptocurrencies by market capitalization.

The MACD line is below the neutral zone, indicating bearish momentum. Additionally, the 14-day RSI of 21 shows that LUNA is currently oversold.

At press time, LUNA is trading at $33.05 a coin. If the downtrend continues, it may soon fall below the $30 support level.

However, LUNA has shown signs of recovery over the past few hours and could break above the first major resistance level at $39 before the end of the day.

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