Should you buy the dip in Luna

 Terra Luna (LUNA/USD) was one of the top losers among the top coins after seeing a sell-off in the broader market. It looks like Luna, which caught the attention of many investors after doubling in early December. However, it seems like the corrective wave may have started in Luna. Terra's local currency, Luna, was created for governance and mining, and is used to issue stablecoins, pay network fees, and vote in governance elections. It is a flexible token on the network that is critical to the growth of the Terra platform.

Luna surged more than 100% to hit a new all-time high in December despite the overall market posting a steep downtrend. Investors saw this as a sign of strength as Luna was doing so well. However, in the past two weeks, Luna is down more than 40% and it looks like the slide isn't over yet. Many investors looked to take advantage of Luna's price drop, but it doesn't look like Luna will turn around anytime soon as the price traded over 10% lower on Friday. Luna is in a corrective phase and unless the price is oversold a trend reversal is unlikely. So when should you buy Luna?

After making a new high in December, Luna started making lower lows and is now down over 40% in the last 2 weeks.

Luna broke a crucial support on Friday and hence investors should avoid buying Luna as the support at $55 was crucial. Therefore, Luna could now be heading towards the next support, which lies at USD 35.

There might be a small chance for Luna to find support from the 200-day moving average as it is close to oversold.

Investors can try to get in Luna at $35 and set a target of $55 followed by $78.

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