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LUNA Price Prediction March 16

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LUNA Price Prediction: Can The Bulls Rally To $1.45?
LUNA Price Prediction: Can The Bulls Rally To $1.45?

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The Terra community approved the creation of Terra 2.0, also known as the new blockchain proposed by creator Do Kwon, in late May 2022. Terra Classic is the new name for the previous blockchain, while Luna Classic is the new name for its coin (LUNC).

On May 27, 2022, the new Terra 2.0 network went live, according to the Terra website. Token holders on the previous Terra chain, including UST and LUNC holders and key app developers, received the new LUNA token.

LUNA Past And Present Trend

The whole cryptocurrency industry is characterized by extreme volatility. There have been several price changes and periods of high volatility since LUNA’s launch. On May 28, 2022, new LUNA tokens—or LUNA2 tokens, as some cryptocurrency exchanges refer to them—were airdropped to qualifying wallet addresses.

On May 28, the new LUNA coin started at $18.98 but quickly lost value and ended the day at $4.94. Although it rose to $11.97 on May 30, 2022, the price dropped again, reaching an intraday low of $1.96 on June 8.

LUNA fell to a low of $1.66 on June 18 due to the cancellation of withdrawals on the Celsius (CEL) crypto lending platform, which worsened the situation.

However, there was continued downward pressure, and on August 29, 2022, the coin hit an all-time low of $1.53. After a brief recovery period, it rose to $7.06 on September 10 before falling.

Its value on November 5 was $2.70, up from the low of $2.26 it had hit just three days before. But after that, catastrophe hit. Another drop resulted from the demise of the FTX (FTT) exchange, and on November 22, 2022, LUNA hit a low of $1.44.

Things appeared to be improving in 2023 when a bull run in late January saw it reach a high of $2.52 on January 21 before it slumped below the $2 mark on February 9. Today March 16, LUNA is currently trading at $1.3427, and the 24-hour volume is $39,351,481, while its market cap is at $322,791,169, according to Coinmarketcap.

LUNA Price Prediction Base On Technical Indicators

Source: Tradingview

LUNA is below its 50-Day and 200-Day Simple Moving Average (SMA). This indicates a bearish movement.

The Relative Strength Index (RSI) is below 50%. This shows that the rate people are selling is greater than buying. And this will drag the price down. This zone (below 50%) is very critical and requires caution.

MACD indicates a weak momentum from its histogram showing a weak green. Also, the MACD is trading below its signal line, indicating a bearish market.

There is strong support at $1.1619, which prices have touched several but couldn’t break through. Also, there is a strong resistance level at $1.9715. LUNA might break the resistance if it builds a strong momentum.

Expert Long And Short Term LUNA Price

With all that, let’s look at some terra price forecasts as of March 2023. It’s vital to remember that price predictions are unreliable, especially for something as potentially volatile as cryptocurrencies.

CoinCodex Price Prediction

CoinCodex short-term terra price forecast for 2023 suggests that LUNA may fall to just under $1.05 by April 11 before rising slightly to $1.06 on May 7. Technically speaking, the website was bearish, with 18 indicators producing negative signals and only four positive ones.

LongForecast Price Prediction

LongForecast has a negative opinion of LUNA’s future. The token was seen to expire in 2023 at $0.73. According to the website’s 2025 forecast, the LUNA token would fall to $0.45 in April and end the year at $0.47.

DigitalCoinPrice Prediction

DigitalCoinPrice long-term price projection for Terra Coin was more bullish. The token may trade at an average price of $12.85 in 2030. 

But before making any investment decisions, consider the most recent market trends, news, technical and fundamental analysis, and expert opinion. Crypto prices may deviate from the prediction.

Factors That Might Influence LUNA Price

Some critical factors might affect the price of LUNA. Check a few of them below. 

Regulatory Factors

Strict regulatory standards for cryptocurrencies might harm market sentiment and cause price declines. Even enforcement actions like the SEC fines against Ripple Coin (XRP) NYDFS, which caused XRP’s price to drop, may affect cryptocurrencies. This sort of incident could push the price of LUNA if it records such in the future.  

Macroeconomic Factors

Macroeconomic issues like unemployment, rising interest rates, and inflation frequently influence crypto prices. For instance, the US Fed’s hardline inflation announcements and measures have shown detrimental effects on the cryptocurrency market. LUNA has also felt the brunt of these downtimes as its price plummeted with others.

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