{"id":379553,"date":"2023-03-10T12:00:57","date_gmt":"2023-03-10T12:00:57","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=379553"},"modified":"2023-03-10T11:50:42","modified_gmt":"2023-03-10T11:50:42","slug":"luna-price-prediction-terra-slumps-further-8-76-is-a-breakout-imminent","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/luna-price-prediction-terra-slumps-further-8-76-is-a-breakout-imminent","title":{"rendered":"LUNA Price Prediction: Terra Slumps Further 8.76% \u2013 Is a Breakout Imminent?"},"content":{"rendered":"

The Terra blockchain (LUNA) is one of the most well-known protocols in the industry. Even though it is a fork of the original network, the protocol remains a top digital asset with remarkable influence in the emerging industry.<\/p>\n

The new Terra blockchain has kept pace with the broader crypto space and is powered by the LUNA asset. However, the digital currency has since slumped and is down with the broader crypto market as reports of a possible tax by the U.S. government gain steam.<\/p>\n

Could this be a great opportunity to buy the one-time darling of the crypto space in anticipation of a bull run?<\/p>\n

LUNA Hopes on the Broader Market Recovery<\/h2>\n

At press time, the LUNA coin<\/a> price is $1.28, following a downtrend of 8.76% in the last 24 hours. The digital asset has been in a slump for a long time, with a decline of 26.4% in the past week and 40.4% in the last 30 days.<\/p>\n

\"LUNA<\/p>\n

This slump in value has negatively impacted the technical analysis, which shows a bearish movement. LUNA’s simple moving average (SMA) value is $2.02 for the 50-day short-term prediction and $14.16 for its 200-day SMA for the long-term prediction. The two values are far above the crypto asset’s current price.<\/p>\n

\"LUNA<\/p>\n

According to the Fibonacci retracement levels, LUNA price may be headed for a 61.8% rally from support at $2.06. However, the crypto asset<\/a> has been in freefall since then and is heading towards the 0% Fibonacci retracement of $0.99.<\/p>\n

The current Terra asset’s moving average convergence and divergence (MACD) value shows a sell position. On the other hand, its relative strength index (RSI) value of 23.62 puts the digital asset in the oversold region.<\/p>\n

LUNA’s technical performance has been modest. However, a general crypto market<\/a> recovery could see the asset rebound and head toward a new price level.<\/p>\n

Eris Protocol Launches AMP Governance for LUNA<\/h2>\n

Eris, a slow-burn liquid staking arbitrage mechanism, has recently announced the opening of its AMP governance.<\/p>\n

\n

1\/ Today Eris are excited to announce the launch of AMP governance! 🥳https:\/\/t.co\/y6QGcCWyZ4<\/a><\/p>\n

AMP Governance will allow holders of #ampLUNA<\/a>, and in the future other ampTokens, to lock their liquid staking derivatives & decentralize Eris protocol decision making.$LUNA<\/a> <\/p>\n

🧵👇 pic.twitter.com\/smLFYwWMUg<\/a><\/p>\n

— Eris Protocol (@eris_protocol) February 24, 2023<\/a><\/p><\/blockquote>\n