LUNA, the native token of the Terra 2.0 blockchain, was one of many winners over the past week that were positively impacted by Bitcoin’s impressive rally towards the $35,000 mark.
According to data from CoinMarketCap, LUNA is up 13.96% over the past seven days, providing some relief for investors who have had to endure the token’s bearish form in recent weeks, leading to this price surge.
As expected, LUNA’s current bullish form has now attracted a lot of attention, with some analysts speculating that there could be further gains in the coming weeks.
LUNA could double its value after breaking major trendline, says analyst
In a message on X On Sunday, crypto analyst Captain Faibik shared with his 67,000 followers an intriguing bullish prediction about LUNA’s price trajectory.
Faibik, who claimed not to be a LUNA enthusiast, noted that the altcoin has recently made a big breakthrough bearish trend line and could potentially rise 80-100%.
I may not be a fan of this coin, but I receive card requests for it regularly.$LUNA has broken a major trendline and could potentially see an 80-100% bullish rally. 📈#Crypto #LUNA #LUNAUSDT pic.twitter.com/R9UEmxK2Bx
— Captain Faibik (@CryptoFaibik) October 29, 2023
According to Faibik’s analysis, LUNA traded above $0.47 over the past week, breaking a bearish trendline dating back to January 2023 on the token’s daily chart.
Traditionally, trend lines are used by traders to connect different price points and provide some insight into the potential direction of an asset’s price movement.
When the price of an asset moves outside an established trendline, as in the case of LUNA, it can be interpreted as an impending price reversal.
Since the start of 2023, LUNA has posted generally negative price performance, losing over 63% of its value over the past 10 months. However, if Faibik’s prediction comes true, the popular altcoin could be on its way to a remarkable recovery.
At the time of writing, LUNA is trading at $0.468 with a decline of 0.70% on the last day. With an 80-100% price increase, this price could rise to $0.934 in the coming weeks.
Meanwhile, LUNA’s daily trading volume is currently down 3.73% and valued at $48.67 million. With a market cap of $263.92 million, LUNA is ranked as the 117th largest cryptocurrency.
Related reading: Does Terra Classic Plan to Peg USTC to the Dollar Again?
Terra Community approves new proposal
In other news: the Terra community has recently has adopted Board Proposition 4790, focused on the active and aggressive development of the Terra ecosystem with resources from Terraform Labs.
Under this recently approved proposal, Terraform Labs, together with Terra community partners, will explore opportunities to leverage non-LUNA capital to fuel project economy growth.
In addition, 125 million LUNA will be deployed by a Terra community council to encourage and reward active network engagement, provide essential services to support the ecosystem and ensure equitable decentralization.
LUNA trading at $0.4696 on the daily chart | Source: LUNAUSDT chart on Tradingview.com
Featured image from iStock, chart from Tradingview
