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The #LUNA 2.0 price has experienced a correction of 15% from its level of $0.8448 after multiple failed attempts. The current price of LUNA 2.0 is $0.75, reflecting a decrease of 5.7% in the last 24 hours. The price has been on a steady upward trajectory over the last few weeks due to the market's 'Uptober' trend revival. According to technical analysis, the current bullish momentum may soon fade as bears attempt to reverse the trend from the upcoming resistance at $0.9, while bulls try to prevent the price from dropping below the support level of $0.65.
Reaching $1 for LUNA 2.0 is considered highly unlikely due to the current supply, which would require a market cap of $5.80 trillion. The LUNA 2.0 token has faced several challenges on its path to potential recovery and reaching $1, including the hyperinflation of $LUNC tokens and the long time it will take for the $LUNC burn tax to have a noticeable effect on the supply of LUNC.
In summary, the LUNA 2.0 price increase today can be attributed to the market's upward trend revival, but reaching $1 is not a realistic expectation due to the current supply and market conditions.
This article is for informational purposes only and should not be considered financial advice. Readers are encouraged to conduct their research and make informed decisions.
