LUNA Foundation Guard Becomes Nineteenth Largest Bitcoin (BTC) Holder

Key Insights:

• The Luna Foundation Guard now holds 39,898 Bitcoin (BTC), ranking it the nineteenth largest Bitcoin holder.
• Despite the increase in BTC holding, Terra’s total value locked (TVL) has fallen back to below $27 million, weighing on LUNA.
• Technical indicators are bearish, with LUNA sitting below its 200-day EMA.

On Sunday, it was a bearish session for LUNA. Reversing a 3.05% gain from Saturday, LUNA slid by 5.60% to end the day at $91.81.

After hitting a new ATH of $118.03 on April 3, LUNA has fallen in five of the last six sessions.

The current downward trend comes despite the LUNA Foundation Guard continuing to acquire Bitcoin (BTC). A fall in total value locked (TVL) looks to have put LUNA under pressure.

Luna Foundation Guard Becomes Nineteenth Largest Bitcoin Holder

The Luna Foundation Guard (LFG) continued to purchase Bitcoin over the weekend. At the time of writing, the LFG was the nineteenth largest BTC holder, with 39,898 BTC.

According to Bitinfocharts.com, the LFG purchased its last BTC on April 10.

Last month, CoinDesk confirmed the LUNA Foundation Guard’s Bitcoin wallet to be bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q.

While the increase in Bitcoin reserves is LUNA price positive, LUNA’s total value locked (TVL) has declined, pulling LUNA back to sub-$100.

According to Defi Llama, LUNA’s TVL stands at $26.99bn, down 4.42% over the last 24-hours and well below an April 6 ATH of $31.29bn.

LUNA Price Action

At the time of writing, LUNA was down by 3.92% to $88.21. A bearish start to the day saw LUNA slide to an early morning low of $86.77.

LUNA fell through the First Major Support Level at $90.25 and the Second Major Support Level at $88.65.

Technical Indicators

LUNA will need to move through the day’s Major Support Levels and the $93.15 pivot to make a run on the First Major Resistance Level at $94.75. LUNA would need the broader crypto market to support a move through to $90.

Another extended rally would test the Second Major Resistance Level at $97.66. The Third Major Resistance Level sits at $102.17.

Failure to move through the Major Support Levels and the pivot would test the Third Major Support Level at $84.13. Barring an extended sell-off throughout the day, LUNA should avoid a return to sub-$80.

Looking at the EMAs and the 4-hourly candlestick chart (above), it is a bearish signal. LUNA sits well below the 200-day EMA at $96.48. This morning, we saw a bearish signal. The 50-day EMA crossed through the 100-day EMA. The 100-day EMA also narrowed to the 200-day EMA, bringing support levels into play.

A further narrowing of the 50-day EMA on the 200-day EMA would bring the Third Major Support into play.