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LUNA is showing signs of a slight recovery today, building on yesterday’s price increase of 2.12%. The asset experienced significant price volatility this month of April 2023.
However, the price drop is not unique to LUNA alone as the general crypto market retraces, and the top coins feel the effects.
LUNA Past And Present Price Trend
LUNA began the year trading at $1.2813 on January 1, 2023, and moved to $1.3203 on January 2. The token’s price surged to $1.5685 by January 9 and hit $2 on January 15 as the bulls rallied.
LUNA traded within the $2 range with slight fluctuations until February 9, when the bears acted on its price, reducing it to $1.7681.
The downtrend extended to March 3, with the token’s price dropping to $1.5701. LUNA retested the $1.2 price level on March 9 before returning to $1.3 on March 12.
Its price fluctuated continuously until it moved to $1.4 on April 12 as the bulls rallied. However, by April 19, the bears returned to push the asset’s price back to its current price level of $1.2.
LUNA Price Prediction Based On Technical Indicators
LUNA is in a sideways trend on the daily chart, with its trading volume down by over 31%. The small candles formed in the last three days indicate hesitation among traders leading to a decline in price.
LUNA has dropped below its 50-days and 200-day Simple Moving Averages (SMA), a bearish signal in the short and long term. This behavior implies that the downtrend will likely continue for the coming weeks.
Also, its Relative Strength Index (RSI) is 32.40, dropping to the oversold region of 30. However, if the asset reaches the oversold region, it will likely record some positive price action to reclaim previous price levels.
LUNA’s Moving Average Convergence/Divergence (MACD) is below its signal line and shows a negative value. The negative values reflect the bearish trend prevalent in the market. Interestingly, the histogram bars are fading, also hinting at the possibility of a reversal.
Despite the indicators showing the possibility of a bullish reversal, any gains for the asset will be short-lived due to negative investor sentiment. LUNA will likely remain in the $1.1 to $1.2 range in the coming days if the bears persist.
Experts Short And Long-Term LUNA Price Prediction
Crypto experts have complied price predictions for LUNA for the short and long term based on technical and fundamental analysis.
LUNA Price Prediction By CryptonewZ
CryptonewZ tips LUNA to trade at a minimum price of $1.16 and a maximum price of $2.82 in 2023. Also, in 2025 they predict a minimum of $3.05 and a maximum of $4.39. By 2030, the expected minimum price is $10.20, and the maximum is $14.69.
LUNA Price Prediction By CoinPedia
CoinPedia predicts that LUNA will trade at a minimum of $1.54, an average of $2.59, and a maximum of $3.63 in 2023. In 2025, they predict a minimum of $4.85, a maximum of $6.77, and an average of $5.81.
By 2030 the minimum expected price is $15.59, the average price is $18.17, and the maximum is $20.76.
LUNA Price Prediction By Changelly
Changelly predict a minimum of $1.63, an average price of $1.70, and a maximum of $1.89. By 2025, the experts predict a minimum of $3.48, an average of $3.58, and a maximum of $4.12.
In 2030, the expected minimum is $16.13, an average of $16.58, and a maximum price of $18.48.
Factors Influencing LUNA’s Price
Several factors can influence a crypto asset’s price. These factors act independently or in combination with others. Here are the most relevant factors affecting LUNA’s price.
Macroeconomic Factors
Factors like inflation, recession, and global conflict could affect a token’s price negatively or otherwise. For instance, according to CNN reports, the recently released U.S. Consumer Price Index (CPI) inflation is 5%. It represents a decline from its value of 9% in June 2022, sparking hope for a market revival.
Crypto Regulations
Cryptocurrencies are still relatively new compared to the traditional finance system. Due to some events, such as the Terra LUNA crisis of 2022, investors’ and regulators’ trust has weakened significantly.
Some regions now enforce strict laws on crypto-affiliated activities, while others are non-crypto-compliant. This can affect a token’s price performance.
Laws Of Supply And Demand
Excess tokens in circulation could lead to a drop in a token’s value. However, if a crypto token is scarce, the demand will likely increase, boosting its market value.
Recent News and Trends In The LUNA Ecosystem
Daniel Shin And Nine Others Indicted By South Korean Authorities
South Korea indicted Terraform Labs co-founder Daniel Shin along with nine others on multiple charges including violations of capital markets law https://t.co/afjd5JOScT
— Bloomberg (@business) April 25, 2023
The South Korean authorities have indicted the co-founder of Terraform Labs, Daniel Shin, and nine others on multiple charges. These charges include violating capital markets law related to Terra’s crash in 2022.
Also, the prosecutors froze $184.7 million assets of the concerned parties. According to Bloomberg reports, Shin and eight others were indicted for illegal trading.
Two other individuals face charges for breach of trust. The Case borders on the collapse of TerraUSD and LUNA in May 2022, leading to a $2 trillion decline in the crypto market.
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