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In the past year, 2022, the Terra Blockchain’s cryptocurrency, LUNA, stunned the world, recording an all-time high of $19.54 on May 28. However, it dropped to $0.80 as its ecosystem, and the founder faced several charges from regulatory bodies, including the SEC.
Today, June 5, 2023, LUNA trades at $0.878, showing an increase of 2.29% at the time of writing. Considering Terra LUNA’s history, crypto enthusiasts and investors wonder if it could spike again from the $0.80 level.
LUNA Past And Present Price Action
As of last year, 2022, LUNA experienced a dramatic price pump in a short period, recording $18.98 on May 28, an all-time high since it joined the crypto market. By July, LUNA dropped to $2, fluctuating between $1.60 and $1.90. It traded at $2.12 on July 1, and at the end of the month, it declined to $1.85.
It experienced price rallies which caused it to trade between $1.50 and $2.10 from August to December 2022. Since the beginning of 2023, LUNA has struggled to uphold a bullish movement while maintaining its $2 level amid persistent fluctuations.
On January 1, 2023, the crypto’s price was $1.25; it increased to $2.17 on January 30 and later declined to $1.95 by January 31. Also, on February 1, LUNA sold for $2.05; by February 28, it dropped to $1.71. The same pattern occurred in March, where the crypto sold for $1.70 on March 1 and later dropped to $1.28 at the end of the month.
However, the price action in April was different. At the beginning of April, LUNA recorded $1.28; by April 19, it touched $1.43 before returning to $1.27 at the end of the month (April 30).
In May, LUNA lost all of its past-month gains quickly. As of May 1, it was at $1.24, but from May 9, it began to decline, dropping to $0.86 at the end of the month.
As of June 1, LUNA was at $0.833. However, today June 5, LUNA trades at $0.878, Indicating a 2.29% increase at the time of writing. Despite its slow and steady recovery trend, crypto enthusiasts still watch out for fluctuations in LUNA price, given its history.
LUNA Price Prediction with Technical Indicators
The Tradingview chart shows that LUNA’s Moving Average Convergence/Divergence (MACD) is above the signal line, confirming today’s slight price gains.
Also, considering the bold green bar on the histogram, LUNA could experience more price rallies before the end of the day.
The Relative Strength Index (RSI) is at 42.45, showing a neutral position of LUNA’s market as it sits between the oversold (below 30) and overbought zone (above 70).
With the RSI line pointing downward, there’s a possibility for increased sell trades which could push LUNA into the oversold zone (below 30).
If that happens, a trend reversal, a potentially bearish signal, will occur on the chart. Furthermore, LUNA is trading below its 50-Day and 200-Day Simple Moving Average (SMA), indicating a short and long-term bearish market.
Considering the technical indicators and their signals, LUNA could spike or stagnate between $1 and $1.50 in the long term due to its price weakness shown on the inverted SMA indicator.
Factors Affecting LUNA’s Price
Macroeconomic activities, the law of supply and demand, regulatory crackdowns, and ecosystem-related events are some factors that could be affecting LUNA’s Price.
For instance, the Montenegrin Basic Court Reapproval of Do Kwon’s $430K Bail Request can impact LUNA’s price.
According to the court’s official statement, Do Kwon and his associate will be bailed with $430,000 individually and placed on home arrest under police watch.
After the court hearing of Do Kwon scheduled on June 16, 2023, he will be extradited to South Korea or the US to face the law for Terra ecosystem collapse.
The market’s reaction to this news can impact LUNA, building fear and hesitation to trade or buy the asset, thus making it bearish.
If Do Kwon is guilty of all accusations, he’ll face a five-years imprisonment sentence with his associate. However, he’ll be free if found innocent, restoring confidence to the ecosystem and its crypto market.
LUNA Alternative
Although Terra LUNA projects potential price growth in the future, other altcoins like Sponge are performing tremendously, posing as a high-potential token for investment.
Sponge (SPONGE)
Sponge (SPONGE) is a new meme crypto project inspired by the famous cartoon SpongeBob SquarePants but without affiliation.
The project aims at creating a community in the cryptocurrency space around SpongeBob while gifting the world “the best meme token” made in line with a secret recipe, as demonstrated in the original cartoon show.
SPONGE allegedly targets investors that missed out on the past 10x meme projects, giving them another opportunity to enjoy a mighty price explosion at an early stage.
SPONGE also partners with a Web3 gaming project, Tamadoge, resulting in an airdrop, generating massive hype among Web3 and crypto enthusiasts.
Today, June 5, 2023, SPONGE’s live price is $0.0002186, showing a 7.13% difference in price compared to its record on June 4.
Although it’s not affiliated with SpongeBob Squarepants or Nickelodeon, its origin from the popular Nickelodeon cartoon could be one of the factors pumping its price as a meme token.
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