+++ Terra 2 (LUNA) slips 70 percent south shortly after the new listing +++ Avalanche (AVAX): Eight percent price increase after bouncing off support +++ Chain (XCN): Price reaches a new all-time high with a 62 percent price increase + ++
Terra 2 (LUNA) slipped 70 percent south shortly after the new listing
May 29, 2022: The long-awaited relaunch of the cryptocurrency Terra 2 (LUNA) fell through after initial euphoria among investors. After being listed on some crypto exchanges yesterday afternoon, Terra’s price rose to 18.87 US dollars and thus multiplied in value, but shortly afterwards the seller took over the helm again. The price fell 76 percentage points to $ 4.25 at its peak. While the successor to the previously popular Terra ecosystem coin is currently recovering somewhat at $5.87, selling pressure is likely to pick up again when trading of Terra 2 resumes on crypto exchange Binance on May 31 .
LUNA Classic Price Prediction
Luna Classic has already dropped around 27% over the last week and trading has been suspended across most centralized and decentralized exchanges. The interest is decreasing and the trading volume is also rapidly declining. This is most likely as a result of the anticipation for the LUNA 2.0 airdrop that is on the way.
I would probably imagine that LUNA 2.0 and LUNC will have a similar relationship to how Ethereum and Ethereum Classic behaves. Just like ETC, I would feel confident that LUNC will trade sideways for a long period of time.
The market capital for LUNC is currently $866m and without major appetite from investors I don’t see this climbing too high over the next few years. Perhaps we could see a $0.00045 LUNC by 2025, which is around a 250% price increase from current levels.
I think the short-term price action will perhaps consist of a slight drop and lower price levels. The bearish scenario is that Bitcoin revisits the 200week moving average and this would result in roughly a $20,000-22,000 Bitcoin.
This could also mean altcoins would take a further 20-40% hit before we continue on to the next Crypto bull market, meaning we could see LUNC reach levels as low as $0.0000855.
The good news is that Terra 2.0 will be accessibly across a hybrid of exchanges.
This makes it easy for mass accumulation and the exposure for the project will immediately be global.
With the right marketing strategy and if Do Kwon thoroughly succeeds with the revival plan, we could see a very strong start to LUNA 2.0 with a euphoric rush.
It is still a mystery in terms of what will happen with the price of Luna 2.0, but I would expect there will be a great amount of volatility as the market gets flooded with volume.
In this case due to the uncertainty, it would be wise to remain risk averse.
Update – LUNA 2.0 hit $30 on Bybit after launching on May 28th, and lower prices on other exchanges, then corrected to around $5-7.
Earlier this month, major cryptocurrency Terra
LUNA/USD collapsed and lost over 97% of its value as its native stablecoin TerraUSD
UST/USD fell to under $0.30 — with nearly $24 billion of capital evaporating from the two tokens’ market values, all within 24 hours.
What Happened: While many have lost fortunes with the spectacular market crash that some suggest was caused by a faulty protocol design, others made fortunes from Terra’s rise and sold before the ecosystem saw its demise.
According to a Sunday CNBC report, venture capital firm Pantera Capital tells CNBC it earned a 100-fold return on its $1.7 million investment in Terra, Hack VC. Furthermore, Hack VC and CMCC Global have not shared their gains, but the former closed its position in December while the latter in March — suggesting that both saw hefty returns on their investments.