Terra (LUNA) Price Rises Steadily After Columbus 5 Launch

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Altcoins
Terra (LUNA) Price Rises Steadily After Columbus 5 Launch

LUNA, the native coin of the Terra chain, is currently on a steady uptrend after the recent Columbus 5 launch. LUNA is currently trading at around $47 according to trading view and CMC.  In the past 24 hours, LUNA gained over $4.3 in price, representing a 10% increase. 

Predicting the LUNA Price

The 24 hour high and low prices for LUNA are at $48.32 and $41, respectively.  It ranks 11th in CMC with a market dominance of 0.89% and a market cap of about $18 billion. 

LUNA has been on an uptrend for the past few days, rising from a short-lived bear that began on September 17th. In the past 7 days, LUNA gained at least 27% in price. Due to this new market surge, LUNA managed to surpass the earlier all-time high of about $38.5, to make a new ATH at $48. 

As this coin begins to surge, experts are already predicting the short and long-term expected prices.

Looking at the current trend, Luna can hit higher prices and create a new ATH soon. First, it faces the strongest resistance at $48.812, and the longer-term resistance is at $56, $70s. If the coin surpasses the first level, it could quickly start heading to a higher level, hitting $55 in a few days or weeks. 

Earlier expert predictions put Luna’s prices at $40 by the end of the year. However,  since Luna already surpassed the $40 mark, analysts are now reconsidering their predictions. Some predict that LUNA could stand at over $48 to $56.  However, with the current momentum, Luna could easily hit $60 or even higher by the end of 2021. 

Tracing the Buying Pressure

The technical analysis at trading view shows that Luna is currently in a strong buy situation. This high buy has been going on for the past week. Clearly, a lot of its customers have high confidence in the coin. If the confidence levels continue to grow, LUNA could create a new ATH and probably hit $60.   

A downtrend is also possible with regards to the LUNA coin. If LUNA surges in value fast and hits $55 in a few days, fewer people will buy it. Most will dump to benefit from the sudden price increase and probably drive the prices down. As the number of people buying Luna reduces and more sell it (strong sell), the coin will lose value. The support levels for the coin currently stand at $36 and $33. But, it could take some time for the coin to go towards that level if a downtrend begins. 

Why is LUNA Surging

There are lots of factors that have been driving the prices of Luna high recently. Foremost, Wrapped LUNA and TerraUSD were both added to the Coinbase pro exchange recently. Furthermore, the demand for TerraUSD and LUNA increased due to the introduction of Anchor and Mirror applications in the Terra network.

Finally, the hype connected to the recent Columbus 5 upgrade has also been driving LUNA prices up.

Adam Robertson

Adam is outgoing young lad who likes adventures and discovering new things. Despite his boring life, He loves writing about cryptocurrencies and exploring what blockchain technology can do for the coming digital world where all adventures will be virtual.