LUNA, the native token of the Terra 2.0 blockchain, has experienced a surge in price in the past week, coinciding with Bitcoin’s impressive rally towards the $35,000 mark. This sudden uptick in value has provided relief for investors who had been enduring the bearish performance of the token in previous weeks. The current bullish trend of LUNA has caught the attention of analysts, who speculate that there may be further gains in the coming weeks.
Crypto analyst Captain Faibik, despite not being a LUNA enthusiast, shared an intriguing bullish prediction regarding the token’s price trajectory with his 67,000 followers. He noted that LUNA had recently broken a major bearish trendline on its daily chart, which extends back to January 2023. Faibik suggested that this breakout could potentially result in a bullish rally of 80-100%. This prediction has generated significant interest among investors and traders alike.
Trendlines are commonly used by traders to connect multiple price points and provide insights into an asset’s potential price movement. When an asset’s price breaks out of an established trendline, as LUNA has done, it often indicates an impending reversal in price direction. LUNA has experienced a sustained negative price performance since the beginning of 2023, losing over 63% of its value in the last 10 months. However, if Faibik’s prediction holds true, LUNA could potentially undergo a remarkable recovery.
Currently trading at $0.468 with a slight decline of 0.70% in the last day, LUNA’s price could see a significant increase of 80-100% in the coming weeks. This would push its price to as high as $0.934, offering the potential for substantial returns for investors. Despite a 3.73% decrease in trading volume, which currently stands at $48.67 million, LUNA remains the 117th largest cryptocurrency by market capitalization, with a value of $263.92 million.
In recent news, the Terra Community passed governance proposal 4790, aimed at the active and aggressive development of the Terra ecosystem through resources provided by Terraform Labs. As per this proposal, Terraform Labs and its community partners will explore opportunities to utilize non-LUNA capital in driving the growth of the project’s economy. Additionally, a Terra community council will stake 125 million LUNA to incentivize active network engagement, provide essential services to support the ecosystem, and ensure equitable decentralization.
The current bullish trend of LUNA presents a potential turning point for the token, which has struggled with a bearish performance for the majority of 2023. With an intriguing bullish prediction and the recent breakthrough of a major bearish trendline, LUNA may be on the path to recovery. If the projected price increase of 80-100% materializes, LUNA could offer significant opportunities for investors. The Terra community’s governance proposal further signifies the commitment to driving the ecosystem’s growth and ensuring the token’s long-term success. Investors and traders will undoubtedly be keeping a close eye on LUNA’s future developments as it continues its journey towards a bullish future.