John Isige
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.
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.
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
Investors looking forward to buying Terra Luna may want to check out some of the best crypto presales in 2023. Our team of experts carefully selects the best altcoins to buy for investors wishing for bigger returns both in the short-term and long term.
For example, Meta Masters Guild (MMG)is one of the best gaming crypto coins to buy in 2023 due to its simple yet revolutionary approach to blockchain games. As Web3 mobile-focused gaming guild, MMG presents crypto enthusiasts with a lifetime opportunity to play exciting games and earn from them.
Users who might not be necessarily players can earn by contributing to the growth of the ecosystem through content creation, supply of in-game items, game development, and community giveaways.
Meta Masters Guild will launch with three new games, starting with Meta Kart Racers, the NFT Raid, and Meta Masters World. The latter is a metaverse-based game, allowing users to explore an expansive virtual world.
The team behind Meta Masters Guild is introducing MEMAG, the platform’s native token to the industry in a presale that has already raised $2 million. Investors who may have interest in this project must rush, as the presale has been selling out fast – see the link below.
Related Articles:
- Cardano Price Prediction as New Stablecoin Djed Set to Launch Soon – Can ADA Hit $10 in 2023?
- Fight Out Move-to-Earn Crypto Project Shocks the World, Raising $3.6 Million in a Matter of Weeks – Here’s How to Get a 50% Bonus
- Best Crypto to Buy Today 30 January – MEMAG, APT, FGHT, FTM, CCHG
Fight Out - Next 100x Move to Earn Crypto
- Backed by LBank Labs, Transak
- Earn Rewards for Working Out
- Level Up and Compete in the Metaverse
- Presale Live Now - $4M+ Raised
- Real-World Community, Gym Chain
This article was written for Business 2 Community by John Isige.
Learn how to publish your content on B2C
Join our Telegram channel to stay up to date on breaking news coverage
Add B2C to your Google News Feed
Discuss This Article
Add a New Comment /Reply
Thanks for adding to the conversation!
Our comments are moderated. Your comment may not appear immediately.