Search Inside Bitcoins

LUNA Price Prediction: Could Terra Coin Reach New Heights of $100?

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

LUNA Price Prediction
LUNA Price Prediction

Join Our Telegram channel to stay up to date on breaking news coverage

Terra LUNA bulls have made it above $0.85 after the token briefly dropped to $0.8240. With LUNA price climbing by almost 3% in the last 24 hours from support, investors would be looking forward to a rewarding weekend.

Meanwhile, LUNA price is doddering at $0.8630 on Friday supported by $23 million in trading volume.

Investors are likely to be returning from the sidelines following the recent strategic partnerships and increasing developments within the ecosystem, touching on governance, integrations, and listings.

That said, this analysis hinges upon the assessment of LUNA price profitability in the coming few days in addition to a long-term outlook for one of the most critiqued coins in the industry.

As Downside Pressure Fades, Can LUNA Price Blast Out of Descending Channel

Terra price has been falling within the confines of a descending channel since February after it climbed to reach a new yearly high at $2.52, as illustrated in the daily chart.

This pattern typically forms when the price of an asset is trending downwards, with a series of lower highs and lower lows. Two parallel trendlines are then drawn to encase the price within a “channel”.

Traders typically interpret this pattern as a continuation signal that the downtrend is likely to persist. This is because the parallel trendlines suggest that the selling pressure is still strong and that any minor upward price movements are likely to be met with resistance at the upper trendline as embodied by LUNA price since early February.

The lower trendline, on the other hand, acts as a key support level that signals a possible reversal if it stays intact – not breached.

Even in its rudimentary form, the descending parallel channel is one of the easiest technical patterns to trade as it marks resistance and support levels, allowing traders to set entry and exit points more confidently.

LUNA Price Prediction
LUNA/USD daily chart

That said, a glance at the Moving Average Convergence Divergence (MACD) indicator confirms that a trend reversal could be brewing with LUNA price expected to make a strong rebound.

Nonetheless, it would be prudent for traders to wait until the MACD line in blue flips above the signal line in red before activating their buy orders.

In other words, we need to give the bounce from the channel support time to prove its viability before jumping in, thus avoiding sudden bull traps.

At the same time, traders can expect another signal from the Relative Strength Index (RSI) as it recovers from the oversold region. The RSI would also flip above the moving average to add credence to the growing bullish outlook.

Some of the key conservative targets to look forward to including the initial climb above $1 followed by recovery from the descending channel. As LUNA price recovers, liquidity would increase and bolster upside momentum for gains beyond resistance at $1.25 and $2, respectively.

On the downside, we must caution investors that despite the 3% recovery, the general market structure is still not strong enough. This means LUNA may continue to trade within the channel with the risk of losses increasing if the channel support weakens.

Terra Doubles Down on Partnerships and Network Development

Zion Schum, the Head of Communications at Terra Money, in the latest update about the ecosystem talked about governance, integrations and listings, media features, and other key highlights.

Schum said that Terra is in a unique position compared to its peers as the ecosystem has to constantly battle FUD from external industry figures.

“It’s not easy to ship cool shit when the entire world tries to FUD you to death, but that’s precisely what the Terra community did in April,” Schum said. “From the unveiling of Terra’s cutting-edge new Alliance module to the introduction of Enterprise’s user-friendly, no-code DAO management platform, there’s a lot to unpack in this month’s update.”

Within the long update, there was news about the Terra Foundation rolling out Alliance. This is a platform dedicated to serving the decentralized sector and its related economies. Intriguingly, Alliance is open-source and supports Cosmos blockchains for economic activities like yield farming.

Alliance brings several benefits to the ecosystem such as attracting users, developers, and liquidity, incentivizing native application development, expanding liquidity for essential token pairs, and diversifying or enhancing staking yield.

Can LUNA Price Soar to $100?

Considering the current market structure, a breakout to $100 is an extremely ambitious target for LUNA, especially in 2023.

However, with the development team continuing to build through the crypto winter and promoting Terra as a robust ecosystem that is supporting the decentralized finance (DeFi) sector, LUNA will naturally gain value to hit $100 in a few years.

AiDoge – The LUNA Alternative to Buy for 2023

Investors watching the crypto market structure are aware that recovery may remain suppressed as institutional investors take time to decide if this is the right time to deep their feet into the digital asset space.

However, there are other opportunities that highlights, including some of the best-performing crypto presales like AiDoge.

This revolutionary meme coin stands out for merging the trending generative AI and the hype around memes.

With structured text prompts, users will be able to generate memes which will also be rewarded for their popularity on the platform.

For the first time, meme creators will be able to earn from their witty and funny images through the “meme-to-earn” concept.

On the brighter side, the presale is still underway with $14.2 million raised in just a few weeks. Investors are buying 1 $AI token for $0.0000336 but those interested must hurry before the last stage of the presale closes at $14.9 million.

Related Article:

Join Our Telegram channel to stay up to date on breaking news coverage

Read next