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Terra (LUNA), a virtual asset, stems from the popular blockchain protocol Terra Classic. The Terra protocol, including the LUNA token, is designed to provide a decentralized platform for building and deploying various financial applications.
However, the Terra Classic project faced significant challenges in May 2022 when it encountered a bank run. This event led to the rebranding of Terra Classic to the LUNC token collateralized UST.
It is worth noting that a bank run occurs when several depositors withdraw their funds from a bank due to concerns about its solvency.
This occurrence can severely impact the stability and value of the associated assets, as witnessed in this case.
But while the rebranded LUNC token was intended to restore confidence and stability to the ecosystem, the aftermath of the bank run had affected the token, including the original LUNA coin.
LUNA Recent Price Action
The value of LUNA experienced a significant deviation from its previously observed bullish trend at the beginning of the year. At the time, on January 1, LUNA was trading at $1.2591 but has consistently declined since then.
By July 1, the token had depreciated to $0.6276, reflecting a considerable loss in value. The downward trend continued, and by July 7, the token was already trading around the $0.5 range.
While there has been occasional price growth, the overall trajectory of the LUNA token has leaned toward the bearish zone in recent times.
Investors and market participants have experienced a series of price declines, contributing to a general sentiment of reduced confidence in the token’s value. In the past seven days leading up to this writing, the LUNA token has declined by approximately 11%.
Additionally, within the past 24 hours, it has experienced a further decrease of about 1.13%. Currently, the token is trading at $0.5741, indicating its current value.
LUNA Projects Bearish Trajectory In The Short-Term
Based on certain technical indicators, the trajectory of the LUNA token suggests a more bearish sentiment in the short term. Several factors contribute to this outlook.
First, the failure of the token’s price to surpass the 50-day and 200-day moving averages shows a lack of upward momentum.
This is because moving averages are commonly used as support and resistance level indicators, and the inability to break above these averages suggests a struggle to gain positive traction.
Furthermore, the downward crossing of the MACD (Moving Average Convergence Divergence) line across the signal line further supports the bearish sentiment. The Relative Strength Index (RSI), another indicator that can provide insights into the token’s momentum, supports a bearish trend in the short term.
The RSI currently at 37.07 indicates that the LUNA token is slightly oversold. However, it’s important to note that there is a support level of $0.5585 to consider.
This support level represents a price level at which buying pressure may increase, potentially leading to a reversal or a temporary halt in the downward movement.
On many occasions, traders and investors closely monitor support levels as potential areas for price reversals.
Factors that Could Affect Terra Luna’s Price Trend
Terra is a crypto asset that moves according to the trends in the general crypto market.
As factors such as regulation, market sentiment, network developments, and news affect other cryptocurrencies, so does Terra. As such, here are some factors that could affect Terra’s price
Network-Related News and Development
While there is no network development news today, July 10, Terra is facing one of the notable price-threatening events of the year.
Terra co-founder Daniel Shin and seven others have been tried in the South Korean court today. This is the preliminary trial for the defendants indicted on multiple charges related to the crash of the Terra network in 2022.
The defendants face multiple charges, including embezzlement, violation of the Capital Market Act, breach of duty, etc. According to sources, Shin didn’t appear personally in court today, which was the first hearing.
But the second hearing will take place on August 28, 2023. Meanwhile, the South Korean authorities seek to extradite the Terra founder Do Kwon.
These negative events can affect Terra’s price negatively, especially if these executives are found guilty and sent to jail.
Terra Alternative Launchpad XYZ
While Terra has declined following the first trial of its executives, investors can consider diversifying to some crypto assets on presale with growth potential.
What is Launchpad XYZ?
Launchpad is an Ethereum-based crypto project aiming to provide a seamless transition to Web3. The project offers diverse features to assist individuals and businesses in understanding the latest technology and utilizing it to the fullest.
Users can access the features like the Launchpad custom-built DEX, the fractionalized asset marketplace, the Meterverse experience library, the trading terminal, the P2E game hub, a Web3-compatible wallet, etc.
With these features, investors can easily access the available assets and pick the ones with the highest growth potential.
Also, the trading terminal, the NFT DEX, and the presale marketplace allow them to buy the assets they pick without hassles.
Most importantly, the native token LPX will enable investors to carry out all these activities since it is the token for fee payment in the ecosystem. Also, users can stake the token and earn rewards too.
Launchpad XYZ Presale Success
The native token LPX is currently on presale and has recorded massive investor interest since it started.
For now, the tokens are available at a very low price of $0.0445 and will soon enter the next stage selling at $0.046.
So far, the team has raised $1,131,138.24 USDT against the target of $1550,000, which could happen without warning.
As such, interested investors should grab as many tokens as they want at this low price before the next stage or the Q3 listing target.
LPX tokens are available for purchase using ETH, USDT, and bank card. Simply connect your wallet and buy now before the token lists at $0.0565. Buying now will ensure investors make some gains when the coins list on exchanges.
How to Buy $LPX Token
Get a compatible crypto wallet
The first thing you’ll need is a crypto wallet that supports the Launchpad XYZ token’s presale. One popular and widely used one is MetaMask.
Set up and secure the wallet
Once you have installed MetaMask or any other compatible wallet, follow the instructions to create a new wallet or import an existing one.
Add ETH or USDT to the crypto wallet
To participate in the Launchpad XYZ token presale, you must have Ethereum (ETH) or Tether (USDT) tokens in your wallet.
If you don’t have these tokens already, you can purchase them from a reputable cryptocurrency exchange and transfer them to your wallet’s address.
Connect your wallet
Visit the official website of the Launchpad XYZ presale and look for the option to connect your wallet and click on it.
Fill out the LPX presale order box
After connecting your wallet, you’ll see a presale order box or a similar interface. In this box, input the amount of ETH or USDT tokens you wish to swap for the Launchpad XYZ token.
Confirm the order
Once you have filled in the presale order box with the appropriate amount for the tokens, review the details carefully to ensure accuracy. When ready, click the “Confirm” or “Buy” button to proceed with the order.
However, you need to know that the tokens will only be available to you at the end of the presale stage.
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