With only a 0.5% increase over the last 24 hours, the price of Terra Luna has scarcely changed today, hitting $1.33. This represents a loss of 3% in a week and 20% in a month, with the cryptocurrency settling into a bearish trend that doesn’t appear to be about to change anytime soon.
The more recent cryptocurrency operating on the Terra 2.0 blockchain, known as LUNA, was introduced following the dramatic Terra collapse that took place in May of last year. It’s difficult to see how LUNA can enjoy a significant rally toward $100 in the near future, especially since it’s no longer linked to an algorithmic stablecoin that would increase its price, given that much of the community-led activity appears to be concentrated primarily around the older Terra Luna Classic network.
However, everything is possible in the realm of cryptocurrencies, and prices may rise considerably more than anticipated. With that in mind, LUNA is moving in this direction now.
Can LUNA Reach $100 in 2023? – A Price Prediction for Terra Luna?
LUNA’s indications are now mixed, with its relative strength index (purple), which peaked at 70 at the beginning of the year, falling below that level today. Similar to how its 200-day moving average (blue) is circling around its 30-day moving average (red), it is implied that it might easily go either way.
Since it was introduced as part of Terra 2.0 in late May, LUNA’s price history has largely been one of fall. Despite reaching an all-time high of $18.87 on May 28, it has subsequently dropped by 93%, leading some analysts to wonder if a new LUNA without an algorithmic stablecoin would still have any intrinsic worth.
Since Terra 2.0’s introduction by its creator Do Kwon in the early summer, it appears that such concerns are valid at this moment. The adoption of a four-year plan to accelerate Terra 2.0’s expansion by designating LUNA for construction was proposed by developers in October, but nothing has been heard about it since.
Similar to this, a recent plan to build a link between Terra Luna Classic and Terra 2.0 (allowing LUNC and LUNA to be switched) seems to be quite controversial with most of the Terra Luna Classic community.
There is therefore no reason to believe that Terra 2.0 will soon see any organic growth and acceptance and that LUNA will surge as a result. Instead, traders should prepare themselves for more losses and anticipate that it will remain at its present level until the next bull market inevitably materialises.
This is especially true considering how closely Terra 2.0 is linked to Do Kwon, a wanted man. It’s debatable if serious investors and developers want to support a business whose main creator and spokesperson may soon find themselves behind bars.
