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The crypto in the heart of the revolutionary blockchain, Terra, LUNA, is experiencing price gains in its trade today.
The 50-day Simple Moving Average technical indicator indicates that LUNA is on a short-term bullish trend.
As such, experts expect the price of LUNA to increase in the next few days. Considering its price trend and technical analysis, LUNA could skyrocket, recording monumental gains in the long run.
Meanwhile, a meme coin $Sponge, shows potential growth trends since its launch in 2023, positioning as a considerable alternative.
LUNA Past and Present Trend
The price trend of cryptocurrencies plays a vital role in helping to determine their future behaviors. As such, here’s LUNA’s price behavior so far.
At the beginning of 2023, LUNA was trading for $1.2 (January 1) while maintaining a bullish trend till January 31, recording $1.95.
By February, the crypto experienced a short-term bullish market before its price began to dip following the SEC charges against Terraform Labs and its CEO, Do Kwon.
It recorded $2.05 on February 1, dropping to $1.7 on February 10.
It went from $1.70 on March 1 to $1.28 on March 31.
However, in April, LUNA saw more gains amid persistent fluctuations, causing it to be between the $1.2 and $1.4 levels. On April 1, it traded at $1.28, touched $1.41 on April 13, and declined to $1.27 on April 30.
Throughout May, LUNA struggled in the bearish market, losing all of its past-months gains in the short term as it went from $1.24 on May 1 to $0.863 on May 31.
After recent news and developments in the Terraform Labs network, its blockchain crypto, LUNA, began to experience price gains in the short term.
Crypto enthusiasts believe that the connection of the Block Entropy app on the Terra Classic chain and the $1.04 Billion Burned Terra Classic tokens (LUNC) could drive LUNA’s price.
Today, June 2, 2023, Terra (LUNA) is showing a price increase, selling at $0.834, a 1.30% price gain at the time of writing.
As such, this altcoin price could skyrocket in the long run considering its technical analysis.
LUNA To Face Monumental Gains Amid Price Weakness
LUNA’s 50-Day and 200-Day Simple Moving Average (SMA) represents its price weakness, even with the recent price gain.
However, considering the recent development in its ecosystem, the crypto could experience several price gains in a short period.
LUNA’s Moving Average Convergence/Divergence (MACD) is above the signal line, tipping at the crypto’s green trades today, followed by the light green bar on the histogram, indicating possible rallies for LUNA.
As such, the crypto could stagnate between $0.83 and $0.89 by the end of the day.
On the other hand, LUNA’s Relative Strength Index (RSI) is at 35.93, indicating a slight market position toward the oversold zone (below 30).
However, its upward movement shows the possibility of the market taking a neutral position while approaching the overbought zone (above 70).
As such, a trend reversal will occur, which could spike the value of LUNA in its market.
Considering the increasing BUY trades in LUNA’s market as depicted by the RSI, the asset could increase, returning to its $2 level.
Factors Affecting LUNA’s Price
Cryptocurrencies are subject to macroeconomic factors, regulatory crackdowns, ecosystem-related developments, and laws of supply and demand.
As such, considering these factors, LUNA’s price could experience bullish and bearish trends. Also, recent news or developments related to its ecosystem, Terraform Labs, could impact the crypto’s price.
Notable News and Developments in the Terra (LUNA) Ecosystem
Binance Burns up to 1.04 billion LUNC Tokens
The world’s leading crypto exchange, Binance, burned 1.04 billion Terra Classic (LUNC) tokens on Thursday, June 1, 2023, in the 10th batch of its LUNC burn mechanism.
About 33 billion LUNC tokens have been burned as part of its monthly burn mechanism.
Following this event, traders responded promptly, increasing their trading activities, and causing LUNC’s price to pump.
LUNA Alternative
While LUNA struggles to spike amid several fluctuations, there are other alternatives with promising price outlooks to consider.
Sponge ($SPONGE)
The Sponge is a cartoon-inspired meme crypto project with a token, $SPONGE. The project aims to build a community in the crypto world around the popular Spongebob TV character.
$SPONGE token is live on Uniswap and has already experienced dramatic trades in the long run.
Selling at $0.0002629 with a price difference of 2.46% compared to its last-day price, $SPONGE could become a high-potential meme token once its utility is revealed.
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