Luna Price Prediction: Terra Luna Shows Signs of Recovery, Is $3 in Play?

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After experiencing a disastrous collapse in May of last year, the crypto project Terra Luna is now attempting to regain its former glory and showing signs of recovery.

At the time of writing, Terra (LUNA) is trading at $1.46 with a 24-hour trading volume of $42,810,201. The price has increased by 2.93% in the last 24 hours while experiencing a slight decrease of -0.35% in the past 7 days.

LUNA price chart. Source: Coingecko.com 22/03/2023 — LUNA price chart. Source: Coingecko.com

Terra (LUNA) has experienced a slight price decline, dropping by -0.40% in the past 7 days. In comparison, the global cryptocurrency market has seen an increase of 10.70%, indicating that LUNA is currently underperforming. Currently, Terra has a market capitalization of $346,528,598. This market cap is calculated by multiplying the token price by the circulating supply of LUNA, which currently stands at 240 million tokens available for trading on the market.

Terra Luna Crypto Recent Market Downturn: Is it the Right Time to Invest?

After experiencing a disastrous collapse in May last year, the crypto project Terra Luna is now attempting to regain its former glory and showing signs of recovery. The recent Silicon Valley Bank (SVB) crash has had a severe impact, prompting investors to seek refuge in crypto as a hedge against financial loss.

Despite the global financial crisis, the broader crypto market has sustained its bullish momentum, with LUNA and several other altcoins seeing gains before experiencing a slight downturn. Given the recent decline in value, investors may wonder if this is an opportune time to invest in the asset before it potentially rebounds.

However, Terra recently launched Eumlet, a Web3 operating system designed for commercial payments. The platform offers various tools that enable organizations to manage their accounts, digitize payment processing, and gain valuable insights from their data securely and efficiently.

A new Project Spotlight is hot off the press! 🖨️

Explore the ins and outs of @eumlet, a next-gen payments platform creating opportunities for SMEs to transition to Web3 👇https://t.co/kvyCaeST8w

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) March 15, 2023

One of the standout features of Eumlet is its Fiat to Web3 Bridge, which allows companies to easily and safely exchange fiat money for cryptocurrencies without requiring intermediaries. This groundbreaking architecture makes Eumlet the first platform to connect traditional financial systems to the Web3 ecosystem seamlessly.

This project aims to establish a business payments operating system on Web3, leveraging the advantages of blockchain technology to facilitate faster and more efficient company payment operations. The aim is to create seamless user experiences that empower users to do more with their money while utilizing the benefits of Web 3.

The ultimate goal is to establish a robust and reliable platform that supports commercial payments and enables organizations to harness the full potential of blockchain technology for their financial transactions.

Luna Price Prediction: LUNA/USD Daily Chart Analysis

The recent drop in the value of LUNA has had an adverse effect on its technical analysis, which indicates a bearish trend. However, in terms of short-term prediction, LUNA’s 50-day simple moving average (SMA) value is currently at $1.71, while its 200-day SMA value stands at $12.54 for the long-term forecast. Both of these values are presently above the cryptocurrency’s current market price.

LUNA/USD Chart Analysis. Source: Tradingview.com on 22/03/2023 — LUNA/USD Chart Analysis. Source: Tradingview.com

The price of LUNA is recovering in a consolidation state. After hitting the bottom support level at $1.26, the bulls have taken over and pushed the price to the previous resistance level of $2.5. However, the price trading below the moving averages indicates that the bulls need to exert a lot of pressure to break above and reach the resistance level.

On the other hand, LUNA’s relative strength index (RSI) value of 43.42 indicates that the digital asset is in the underbought region. Although LUNA’s technical performance has been moderate, it has the potential to rebound and gain steady momentum, which could lead to a surge in its price and help the asset reach new levels at $3.04.