Terra Price Prediction: Can LUNA Surpass $1 By Year End?

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Terra Price Prediction: Can LUNA Surpass $1 By Year End?



LUNC



MM



LUNA



By Thecoinrepublic.com

1day ago

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4 mins read

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Terra Price Prediction 2023

1 Terra crypto price surged 23.88% in the past 24 hours and currently trades at $0.8503. 

2 Terra (LUNA) price is on a six-day rising streak and has added nearly 50% in a week. 

3  The daily chart showcases that the LUNA price may encounter a 200-day EMA which might act as a hurdle for the bulls. 

Terra (LUNA), also known as Terra 2.0, is a public blockchain that emerged from Terra Classic. It was created after Terra Classic collapsed in a bank run. It had stablecoins pegged to various fiat currencies and offered fast and cheap transactions.

Despite the downfall of Terra Classic, Terra would continue to develop decentralized applications of Terra Classic but without the UST stablecoin. Also, Terra (LUNA) is used to secure the protocol’s stablecoin and pay for governance fees. Moreover, LUNA price may increase if the Terra ecosystem expands.

Terra price is on a continuous six-day gaining streak. The price bounced back from the 50-day EMA and is currently headed to surpass the recent swing high. The bulls are dominating in the short term and are committed to forming a rising price trajectory. 

Moreover, the recent sessions have experienced a complete dominance of the bulls at the lower levels which has shifted the long-term trend on the optimistic side. The price is nearing a 200-day EMA which might act as a hurdle for the bulls. Bulls need to surpass the 200-day EMA to continue with an optimistic trend.