LUNA, the native token of the Terra 2.0 blockchain, was among many gainers last week to be positively impacted by Bitcoin’s impressive rally towards the $35,000 mark.
According to data from CoinMarketCap, LUNA has risen by 13.96% in the past seven days, providing some relief to investors who had to endure the token’s bearish form in the previous weeks which sent prices soaring.
As expected, LUNA’s current bullish figure has attracted a lot of attention now, with some analysts predicting that there could be more gains in the coming weeks.
The analyst says LUNA could double its value after breaking a major trend line
In a post on
Vibeke, who claimed to not be a fan of LUNA, noted that the altcoin had recently broken one of the major coins The trend line is down and it is likely to rise by 80-100%.
I may not be a fan of this coin, but I receive frequent requests to chart it.$ luna It broke the major trend line and is likely to see an upward rally of 80-100%. 📈#encryption #Luna #LUNAUSDT pic.twitter.com/R9UEmxK2Bx
– Captain Faibik (@CryptoFaibik) October 29, 2023
According to Vibec analysis, LUNA traded above $0.47 last week, violating a downtrend line that runs until January 2023 on the token’s daily chart.
Traditionally, traders use trend lines to connect several price points together and provide some information about the likely direction of an asset’s price movement.
When the price of an asset moves outside a specified trend line, as is the case in LUNA, this can be interpreted as an impending price reversal.
Since the start of 2023, LUNA has produced an overall negative price performance, losing more than 63% of its value in the past 10 months. However, if Vibec’s prediction turns out to be correct, the popular altcoin could be on its way to a notable recovery.
At the time of writing, LUNA is trading at $0.468 with a 0.70% decline in the last day. With a price increase of 80-100%, this price may rise to $0.934 in the coming weeks.
Meanwhile, LUNA’s daily trading volume is currently down 3.73% and stands at $48.67 million. With a market cap of $263.92 million, LUNA is ranked as the 117th largest cryptocurrency.
Related Reading: Will USTC’s Terra Classic Layout Be Pegged to the Dollar Again?
The Terra community approves the new proposal
In other news, the Terra community recently passed Management Proposition 4790 which aims to actively and aggressively develop the Terra ecosystem with the resources provided by Terraform Labs.
Under this newly approved proposal, Terraform Labs, along with Terra community partners, will explore opportunities to leverage non-LUNA capital to drive project economic growth.
In addition, 125 million LUNA will be allocated by the Terra Community Council To encourage and reward active network participation, provide essential services to support the ecosystem, and ensure fair decentralization.
LUNA trading at $0.4696 on the daily chart | Source: LUNAUSDT chart on Tradingview.com
Featured image from iStock, chart from Tradingview