Terra Luna is priced at $2.00 today, with the altcoin down by 10% over the past 24-hour period. Its current level represents an 11% drop in one week, however it is up 58% over the past 30 days, making it one of the best performing coins among the top-100 cryptocurrencies by market cap.
LUNA’s drop today follows news that Binance has updated the ‘risk warning’ it gives customers when trading altcoins, with the exchange now advising users that “the coin has recently been exposed to negative news”. / has been the subject of coverage.” Despite being a relative improvement on its previous warnings, the change nevertheless underscored the possibility that LUNA will never be considered a ‘normal’ or ‘safe’ cryptocurrency, and therefore may not be able to return to its former heights. Could
Terra Luna Price Predictions As Luna Drops 10% In 24 Hours – Here’s Luna Ahead
From the charts of LUNA it appears that it is now in a position to rise again in the near future. Its Relative Strength Index (purple) has risen from below 30 to near 50 over the past few days, indicating it may be gaining momentum again.
Meanwhile, its 30-day moving average (red) has arguably bottomed out with respect to its 200-day average (blue), which means it could rise again in the near future – along with LUNA price .
However, this is purely from a technical perspective, and pays no attention to the more fundamental drivers of altcoin price. And when looking at fundamentals, the picture remains largely unflattering.
As mentioned above, Binance has updated its risk warning for LUNA. till tomorrow, The exchange had taken a warning step that “a South Korean court has issued an arrest warrant against the founder of Terra 2.0 (LUNA). Please understand the risks involved and trade with caution.”
While the new warning is less severe, the tweet above makes it clear that the Terra 2.0 community still does not like that exchanges are warning traders about the risks of holding LUNA. They (rightly) see this as a mark on the altcoin’s reputation, which may deter new investors from entering its market.
And that seems to be the reasoning behind LUNA’s selloff in the past 24 hours. Even with a comparative lack of warnings against altcoins, exchanges – and by extension, traders – continue to view it with suspicion.
And that skepticism may never change, given that its founder Do Kwon actually does remains fugitive, It is entirely logical that serious developers and investors would want little to do with a project whose principal founders and figureheads could easily be in jail in the not too distant future.
Accordingly, there seems little fundamental reason to believe that LUNA will enjoy a strong and sustained rally any time soon. It soared to $18.87 (an all-time high) on May 28, but has since declined by 89%, leading observers to question whether a new LUNA without an algorithmic stablecoin would have any fundamental value.
And so far, it looks like such observers are correct, as very little has happened with Terra 2.0 since founder Do Kwon launched it back in May following the collapse of the original Terra. of course there A proposal was put forward by the developers in October to adopt a four-year plan This would fuel the development of Terra 2.0 by earmarking LUNA for development, but the plan largely failed to gain followers.
Similarly, a proposal last year to create a bridge between Terra Luna Classic and Terra 2.0 (so that LUNC and LUNA could be swapped) seemed very unpopular with most of the Terra Luna Classic community. Then again, he remained still born.
In other words, the only real hope for substantial LUNA gains resides with artificial, community-based pumps, which are notoriously unpredictable and unstable. So it’s probably a good thing that Binance continues to warn traders about the coin.
Is Now a Good Time to Buy Luna?
Considering all of the above, now might not be the best time to buy Luna. However, if you are looking for other high-potential crypto projects that do not carry the same baggage, we have reviewed the Top 15 Cryptocurrencies for 2023, as analyzed. crypto news Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
