Search Inside Bitcoins

Terra Luna Price Prediction: The Bear Market Has Not Given LUNA A Helping Hand, With The Altcoin Still Down One Year Post-Network Collapse

Luna price
Luna price

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

Terra Luna (LUNA) price bearish streak still holds in the fifth month of the year, with the altcoin recording a staggering 65% drop since the year’s onset. The overall outlook for the LUNA is bearish, meaning the downtrend could continue.

At the time of writing, Terra Luna price is $0.93, a daily drop of around 10%. The bearish sentiment comes amid the general bearish sentiment in the crypto ecosystem, with the Bitcoin (BTC) dominance affecting most players in the cryptocurrency arena. Notably, the king crypto is down almost 3% over the last 24 hours.

Further, LUNA price also suffers the brute of the negative sentiment around the Terra ecosystem, starting with the collapse of the de-pegging of the UST stablecoin and the subsequent collapse of the Terra Luna network in May.

In the latest development, Terra co-founder Do Kwon is set to face extradition to South Korea over the $40 billion venture collapse.

Terra co-founder faces repatriation to South Korea

Based on recent reports, prosecutors spearheading the Do Kwon case say they recommend Kwon’s repatriation to his home country. Notably, the Terra executive is still in Montenegro under the custody of the authorities on the grounds of Kwon traveling with a fake passport. With both the United States and South Korea calling for extradition, the case regarding the now-defunct exchange remains far from over.

In an interview, Seoul Southern District’s joint financial crimes team Director, Dan Sung-han, has shared his thoughts about the Terra Luna project. According to him, most of the evidence primarily implicates accomplices from South Korea, with his remarks indicating that many individuals associated with the project trace their origins back to South Korea and have ties to Kwon.

In addition, Director Dan Sung-han states that if the court finds Kwon guilty in South Korea, he could receive a prison term exceeding 40 years. This would mark the longest sentence in the history of South Korea. Furthermore, it would be the most extended imprisonment ever imposed for financial crimes within the country.

However, Kwon has starkly denied the claims against him, noting that while there many mistakes made within the Terra-Luna crypto project under his Terraform Labs, they never intended to dupe investors. In his opinion, the errors were unplanned, with the project’s main objective not being to mislead or defraud anyone.

LUNA Price Eyes Further Loses Unless A Significant Bullish Catalyst Presents

Terra Luna price is down 7.6% in the last 24 hours, 21.7% in the last week, and 31.1% in the last month. The bearish sentiment around the Terra network has suppressed LUNA, preventing any gains.

At the time of writing, Terra Luna price is $0.93 as LUNA continues to suffer overhead pressure due to the 50- and 100-day Simple Moving Averages (SMA) at $1.28 and $1.50, respectively. The price has lost a critical congestion level, flipping the $1.21 support level into a resistance.

An increase in seller momentum could send Terra Luna price further south, breaching the immediate support around the psychological $0.72 before an extended leg down to the support floor under $.050.

Luna price
TradingView Chart: LUNA/USDT 1-Day Chart

The bearish outlook for Terra Luna price draws support from the Relative Strength Index (RSI) position at 20, down in the oversold territory. Normally, a move below the 30 RSI level would hint at a possible pullback for LUNA, but based on general sentiment, such may not be the case, as investor interest in the token remains bleak.

Further, the Moving Average Convergence Divergence (MACD) indicator was flat, as it has been for since around September 2022. This suggests that the LUNA market is ranging, and signals are unreliable as there was no momentum in the LUNA market.

On the flip side, if the price changes direction because of sidelined investors buying the dip, Terra Luna price could ascend and restore above the major support at $1.21. Above this level, LUNA could extend a neck high above the 50- and 100-day SMAs, respectively, paving the path for further gains.

LUNA Alternative

As LUNA investors wait to see where Terra Luna price will find its turnaround point, consider yPRED, the ticker for the yPredict ecosystem, which has raised $738,000 in presale token sales.

Cognizant of the fact that AI holds promise, yPredict intends to link retail traders with the same. To this day, artificial intelligence remains unexplored to the required standard, and so much still open for discovery. However, recent academic studies show that the discovery of large language models (LLMs) employed by ChatGPT reveals how machine learning makes it possible to accurately predict movements in stock prices.

Accordingly, yPredict seeks to put the research into practical application using its all-inclusive AI system. Nevertheless, it is important not to rely on a single infrastructure or a handful of indicators when trading. This is the sole reason why yPredict uses a very comprehensive approach.

For example, while there are multiple examples of social media-based market sentiment analysis, they do not offer actionable results in practice. This means they are retrogressive by necessity, telling an analyst or trader what is or what has been trending but incapable of predicting what could happen.

While yPredict provides no guarantee of every trader finding an edge, it reduces the margin for error.

yPredict To Make Hyper-Personalization At Scale

yPredict also makes a market reality for every participant in the market courtesy of its “hyper-personalization at scale” feature, which could equally be applied to the markets as well as the requirements of individual investors. Notably, each of these investors will have varying risk tolerances and different return target needs.

For the first time, powerful AI systems are now not limited to universe masters on Wall Street but are available to the common people. Here, high-frequency algorithmic training, otherwise termed HFT. The yPredict ecosystem delivers state-of-the-art financial prediction models and metrics tested across extensive datasets of different types. Consequently, the opportunity to improve trading decisions will become available to all participants.

yPredict To Eliminate Reliance On Low Value And Compromised ‘Finfluencers’

The yPredict ecosystem is developing its own open in-house predictive models and marketplaces capable of disclosing the source of predicted values, prediction methods, and status of prediction authenticity.

While this kind of disclosure property out to be the norm, it is not because social media influencers (financial influencers) often fail to provide workings or other kinds of disclosure for explaining the market calls or signals they share. A low-quality intelligence of this kind is a disaster capable of causing extensive losses for traders. These traders could fall victim to manipulative pump-and-dump schemes in the worst-case scenarios.

Read More:

Love Hate Inu - Newest Meme Coin


Love Hate Inu
  • Decentralized Polling - Vote to Earn
  • Doxxed Team - CEO Carl Dawkins
  • Featured in Yahoo Finance, Bitcoinist
  • Mint Memes of Survey Results as NFTs
  • OKX Listing May 19
Love Hate Inu

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

Read next

Don't see the answer that you're looking for?

Ask us Now!