After pulling back at resistance at $2.60, Terra's LUNA market price is experiencing extreme market indecisiveness on Sunday. It will likely continue to face downward pressure throughout the week. A technical analysis using chart patterns, carefully selected indicators and charts points to a 15.50% drop to $2.00.

Terra and Thorchain top the Terra Phoenix airdrop

Terra, a cryptocurrency platform powered by LUNA has announced that its Terra Phoenix airdrop was a success. According to statistics from the airdrop, Terra & Thorchain won the top contract, claiming 50.50%.

Polygon was in second place with 85,674, which represents 20.8% the network's allotted tokens. Ethereum claimed 6.90% of the 4,877832 allocated tokens to close the top four.

Terra Phoenix was created to distribute 19,504,909 LUNA tokens to users who didn't receive the correct allocation during Genesis.

Terra's development team is working to repair its image following the May crash. LUNA price could tap into growing liquidity and post a rally. The technical outlook is that the recovery will have to wait for the sidelined investors to get on board at a lower level.

LUNA price remains at the 50-day SMA (Simple Moving average), red despite the 100 day SMA, blue capping movement immediately to the upside. A break above the falling trendline could lead to LUNA's price avoiding the foreshadowed retracement. However, the low trading volume and conditions that indicate a bear market suggest that the downtrend will extend below the falling triangle pattern.

Falling triangles tend to be bearish, so traders should wait until the x-axis support is broken before entering short positions. If the triangle matures, expect a 15.50% move. This is the distance equal to the largest points of the triangle.

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