Terra Luna Price Prediction – Can LUNA Recover to $100 in 2023?
The Terra Luna price has barely shifted today, rising by 0.5% in the past 24 hours and reaching $1.33. This marks a 3% decline in a week and 20% fall in a month, with the altcoin settling into a bearish pattern that shows no obvious sign of ending in the near future.
LUNA is the newer altcoin running on the Terra 2.0 blockchain, which launched in the wake of the infamous Terra collapse that happened last May. And given that much of the community-led activity seems to be focused mainly around the older Terra Luna Classic network, it's hard to imagine how LUNA can enjoy a big rally towards $100 in the near future, particularly when it's no longer linked to an algorithmic stablecoin that would boost its price.
LUNA's indicators are somewhat mixed at the moment, with its relative strength index (purple) dropping under 60 today after reaching 70 at the very start of the year. Likewise, its 30-day moving average (red) is hovering around its 200-day average (blue), with the implication being that it could easily go either way.
LUNA's price history has more or less been one of decline ever since it was launched as part of Terra 2.0 in late May. It did surge to (an all-time high of) $18.87 on May 28, but since then it has fallen by 93%, with observers questioning whether a new LUNA without an algorithmic stablecoin would have any fundamental value.
So far, it seems that such criticisms are on-point, since little has happened with Terra 2.0 since founder Do Kwon launched it back in the early summer. There was a proposal put forward by developers in October to adopt a four-year plan that would boost Terra 2.0's growth by earmarking LUNA for development, but nothing has been heard about this since.
Similarly, a recent proposal to create
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