<em><strong>Terra is retracing from 2022 highs of around $120 when writing. Considering steep losses in the past trading sessions, LUNA may fall to retest $78.</strong></em>
<h2>Past Performance</h2>
The Terra coin is dumping at spot rates, falling eight percent in the previous 24 hours and a massive 24 percent on the last trading week. LUNA is within a bear breakout pattern, falling from 2022 highs as sellers step up in a retracement.
<h3>Terra LUNA Technical Analysis<a href="https://www.cryptoknowmics.com/news/wp-content/uploads/2022/04/Terra-LUNA-Daily-Chart-for-April-11-.png"><img class="alignnone size-full wp-image-231606" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2022/04/Terra-LUNA-Daily-Chart-for-April-11-.png" alt="Terra LUNA Daily Chart for April 11---" width="1366" height="768" /></a></h3>
From the daily chart, <a href="https://www.cryptoknowmics.com/news/terras-luna-foundation-buys-another-176m-worth-bitcoin/">LUNA</a> is pulling back from $120. It is also below the 20-day moving average in a correction. Based on the LUNA candlestick arrangement in the daily chart, traders might find trading opportunities in every retest back to April 11 highs and the middle BB at $90 and $100, respectively. As sellers step up, the Terra price may retest $78—the 50 percent Fibonacci retracement level. At later stages, it could drop to $60—the 78.6 percent Fibonacci retracement level if the correction is profound. Any sharp spike unwinding recent losses and forcing the coin above the middle BB invalidates the bearish preview.
<h3>What to Expect?</h3>
The Terra coin is under strong selling pressure at spot rates, breaking below a multi-week flexible support line of the middle BB. As long as LUNA is below $100, sellers have the upper hand and may drop to as low as $78 in a bear continuation pattern.

Terra (LUNA) may sink to $78 in a Bear Breakout Formation

Terra is retracing from 2022 highs of around $120 when writing. Considering steep losses in the past trading sessions, LUNA may fall to retest $78.

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Terra (LUNA) may sink to $78 in a Bear Breakout Formation

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