Things are not looking good for Terra Luna (LUNA) in 2023.
The cryptocurrency was last changing hands around $1.26 per token, 50% down from earlier annual highs to the north of $2.50.
That means LUNA has now erased the entirety of this year’s gains.
Compare that to Bitcoin and Ether, both of which are up in the 60-70% region.
At current levels, LUNA is trading just 15% above last year’s record lows in the $1.09 region and down over 80% from last year’s record highs above $7.50.
LUNA is the token that powers the Terra 2.0 blockchain, which was created in response to the spectacular collapse of the original Terra blockchain and associated crypto ecosystem last May when its UST algorithmic stablecoin lost its peg to the US dollar and the original LUNA token (now rebranded to LUNC) experienced hyperinflation.
At current prices, LUNA has a market cap of just $325 million, less than half of the market cap LUNC.
LUNC is the token that powers the still operational, though now largely defunct original Terra blockchain.
A huge exodus of investors, developers and community members, many of whom were badly burnt by the collapse of the original Terra ecosystem last May has meant that Terra’s new blockchain has struggled to gain traction.
That’s even despite the new blockchain not including an algorithmic stablecoin, the depegging of which was the cause behind the collapse of the old ecosystem.
Trust in the Terra project appears to have been fatally damaged and many are predicting that LUNA will eventually also fall to zero.
Some LUNA bulls pointed to news that Binance is going to support a Terra 2.0 blockchain upgrade as a positive sign for the cryptocurrency.
But potential crypto investors should note that Binance is not, or at least tries not, to be in the business of picking crypto winners and losers.
Their principal aim is to provide the infrastructure for the market to do this.
Binance supporting the upgrade should not be interpreted as Binance favoring Terra Luna as a good investment, or anything like that.
Terra Luna (LUNA) Price Prediction – Things About to Get Worse?
LUNA’s latest drop from earlier monthly highs above $1.60 means the cryptocurrency is now back below all of its major moving averages.
The cryptocurrency also appears to be on the verge of breaking below a key medium-term uptrend that has been in play since December.
This would open the door to a drop towards last year’s lows and possibly on towards the $1.0 level.
As the broader crypto bull market continues, there is always a chance that speculative risk flows come back to LUNA, but a slip beneath $1.0 looks to be on the cards for the month ahead.
DeeLance (DLANCE) – A Terra Luna (LUNA) Alternative to Consider
Investors should always be on the lookout to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
One such project that the team has identified as having a very strong potential is DeeLance.
DeeLance, which is building an immersive non-fungible token (NFT)-powered metaverse platform to unite businesses and freelancers, has been billed by observers as revolutionary for the recruitment industry.
The project has already raised a whopping near-$300,000 in just a few weeks since the launch of its DLANCE token presale.
Investors are encouraged to move quickly to secure tokens, as is just over three days the price will rise from its current super-cheap $0.025 level.
Given that DLANCE will debut on major cryptocurrency exchanges later this year at $0.53, investors who get in now can be sat on gains of over 100%.
Buy DLANCE Here
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