The LUNA token, native to the Terra Luna network, has seen its value grow significantly in January from its December lows of around $1.1 to trade at $2.05 at the time of writing. Terra Luna price stretched the leg to $2.50 but profit booking, coupled with a general slack among investors toward the end of the month, triggered a pullback.
LUNA’s value in the last hours decreased by 5.1%, although the token is witnessing a spike in trading volume to $78 million based on data from CoinMarketCap.
The upsurge in the value of LUNA, which more than doubled from the bottom in December, has also been reflected in the growth of its ecosystem from a market cap of $161 million on January 1 to $428 million at the time of writing. Terra Luna currently is the 99th largest cryptocurrency.
Where to Next as Terra Luna Price Searches for Support
Terra Luna price holds slightly above crucial support provided by the 100-day Exponential Moving Average (EMA) (in blue) at $2.03. Slightly above this is the 50-day EMA (in red) at $2.12, capping price action to the upside.
A daily close above the support provided by the 100-day EMA is required to affirm the bulls’ presence in the market. This will also see investor confidence improve significantly ahead of the upcoming United States Federal Open Market Committee (FOMC) meeting that will culminate in a decision on the expected hike in interest rates.
(1) Doctor Profit 🇨🇭 on Twitter: “Weak hands getting shaken out, market awaits FOMC in two days. Glad to see a fake dump to shake out weak hands before the next leg up in the coming days. Market makers playing ping pong with you.” / Twitter
Some analysts believe weak players will be shaken out of the market in the days leading to the Fed decision. However, crypto prices may start to gain momentum, especially if the interest rate is hiked by the expected 25-basis points.
The first attempt by Terra Luna to confirm a long-term uptrend stalled at $2.50. Therefore, bulls must collect enough liquidity before pushing for gains to $3.00 and September’s high of $7.12.
Terra Luna price upholds the bullish narrative on the daily time frame chart while holding onto a buy signal from the Super Trend indicator. Notice the indicator overlaying the chart like a moving average, currently in the green. It incorporates the average true range (ATR) to gauge volatility in the market, thus helping traders confirm the general direction of the trend.
In case declines stretch below the buyer congestion at $2.00, Terra Luna price will look toward the 50-day EMA (in red) at $1.82 for support. If push comes to shove and investors panic-sell because of the FOMC meeting’s outcome on Wednesday, the buyer congestion at $1.50 will have to come in handy to prevent potential losses from testing December lows of $1.01.
Key Factors Likely to Drive LUNA Price Rally To $100
From a short-term perspective, LUNA is still bullish and could carry on with the uptrend toward the end of this week and in the next. However, for it to reach $100, the developers of the ecosystem and the community must work hand in hand.
Over the last few weeks, the network has recorded a tremendous uptick in development activity, starting with the launch of Station—an interchain wallet that has been designed to simplify “the often complex, cumbersome process of interacting with multiple blockchain networks.”
Station allows users to stake, vote, send and receive digital assets while still interacting with many other decentralized applications (dApps) within the ecosystem and all the supported chains.
Terra Luna appears to be moving toward a multi-chain future – one where decentralized blockchain economies can match incentives with each other to bring up mutually beneficial agreements.
(1) Terra 🌍 Powered by LUNA 🌕 on Twitter: “1/ Terra’s first step towards building the interface to Web3 is complete. We’re thrilled to announce the launch of Station 🛰 – an interchain wallet that simplifies the often complex process of interacting with multiple blockchain networks. https://t.co/n6NOieojJq” / Twitter
Station is the first step toward such an interoperable future where users can move assets across different networks “with an easy-to-use, easy-to-integrate wallet to execute cross-chain transactions.”
LUNA Alternatives to Consider
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