Terra (LUNA) price prediction: Is there a chance for LUNA to return to its all-time high?

Terra (LUNA), one of the major cryptocurrencies, saw its value plummet by 100% due to the algorithmic stablecoin protocol TerraUSD (UST) losing its peg to the US dollar on May 13, 2022.

By the end of the month that year, developers relaunched the Terra blockchain and introduced a new token with a supply of 1 billion coins. The original token now trades as LUNC, while the new one retains the name LUNA. Initially priced at around $19 after the relaunch, the new token has since dropped by nearly 98%.

As of July 31, 2024, Terra LUNA was trading at $0.39 and held the 158th position by market capitalization among cryptocurrencies. In the past 24 hours, the cryptocurrency has dropped by 3.2%. This decline may be linked to a hack in which 60 million ASTRO, 3.5 million USDC, 500,000 USDT, and 2.7 bitcoins were stolen from the Terra blockchain due to a network vulnerability, according to Cyvers Alerts on X. The total claimed losses amount to approximately $6.8 million.

Just a few hours before this announcement, Terra’s official X page reported that the network had been halted for emergency patching due to a suspected exploit. At 07:40 UTC, Terra confirmed that the blockchain had resumed operation and that the emergency update was complete.

The LUNA future looks uncertain. What is the Terra LUNA prognosis for the coming years?

What is Terra LUNA

Terra is a blockchain platform designed to create algorithmic stablecoins that differ from traditional stablecoins by being decentralized and not backed by fiat reserves. The pricing of algorithmic stablecoins is managed through smart contracts, with their peg to USD primarily controlled by algorithms.

Through these algorithms, stablecoins track the price of their underlying assets (usually fiat currencies) and maintain price stability using a defined set of rules or software.

LUNA serves as Terra’s native token used for platform governance and staking, which helps minimize volatility within the protocol. Users stake LUNA by providing them to transaction validators on the blockchain, thereby reducing transaction fees.

Terra crypto news

After Terra’s collapse, trust in it within the crypto community has waned.

In September 2022, a Seoul court issued an arrest warrant for Do Kwon, CEO of Terraform Labs, citing violations of local capital markets laws.

In February 2023, the U.S. Securities and Exchange Commission accused Terraform Labs and CEO Do Kwon of orchestrating a multi-billion dollar securities fraud scheme. In April 2024, both Do Kwon and Terraform Labs were found guilty of these charges.

Do Kwon evaded capture for an extended period in Montenegro before being apprehended and detained there. The extradition of Do Kwon to South Korea is currently pending review.

In January 2024, Terraform Labs filed for Chapter 11 bankruptcy under U.S. law. In June, TFL agreed to a $4.47 billion fine with the SEC. On June 12, Chris Amani, the new CEO of TFL, urged the Terra community to take control of the blockchain as the company was winding down operations.

Given these events, what is the forecast for LUNA? Will the coin recover?

Terra (LUNA) price prediction: short-term outlook

According to CoinCodex’s short-term Terra price prediction, it looks like LUNA’s price could soar by 228.25%, hitting around $1.307515 by August 30, 2024. However, the overall sentiment is bearish, with only 5 technical analysis indicators showing bullish signals and 22 indicating bearish signals.

Terra LUNA price prediction 2024-2025 

Wallet Investor forecasts that by the end of 2024, LUNA could peak at $29.5 before potentially dropping to $0.0158 by the end of 2025.

According to DigitalCoinPrice’s LUNA coin price prediction, market experts anticipate that Terra will surpass the $0.86 mark by the end of this year. Before Terra reaches $0.86, it could surpass its previous peak of $19.54. Looking towards 2025, there’s optimism that Terra could push through the $1.02 mark and settle around $0.97. The projected lowest price range is expected to be between $0.84 and $1.02.

CoinCodex predicts that by 2025, Terra’s price could range between $0.398 and $1.88. This suggests a potential gain of up to 379.05% from current levels if LUNA reaches its upper price target.

LUNA price prediction 2030

DigitalCoinPrice projects that by the start of 2030, Terra’s price is anticipated to reach $2.89. LUNA could also achieve this level by the end of the same year.

Looking at CoinCodex’s LUNA crypto price prediction, Terra’s price is estimated to range between $1 and $1.63 by 2030.

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