Terra’s Luna Price Could Jump Significantly Despite the Poor Market Situation
Terra’s Luna price has reached new lows recently; investors have suffered huge losses, and analysts don’t have optimistic predictions. The sell-off in May this year has devastated the investors, and they have fallen prey to one of the worst market scenarios. However, the present price graph indicates a possible change in fate; Fxstreet reports that Luna’s price might increase by 10% if the market follows an old trend; the Bittorent Token’s 10x price rally after showing similar technical on-chain data. Last year the cryptocurrency’s failure to 0 reversed after the price rally. However, these are just statistical speculations, and the reality might not be similar.
Terra’s Luna price has flatlined completely
Fxstreet reports that Terra’s LUNA price is $1.58 at present; it trades against the BTC. The LUNA/BTC chart suggests that Terra’s price graph is flat at $0.00000001 SATs; the market scenario is ominous, and the Relative Strength Index doesn’t incline either bulls or bears. However, Luna is in the trading market, and trades have shown interest. Fxstreet reports an influx of transactions worth $500; the total market cap is $1.25 billion, with the current volume profile averaging $569, a 50% low.
Luna might share BitTorrent’s fate
BitTorrent faced a similar situation in August 2020 after a sell-off. Traders suffered significant losses, and the token’s sales skyrocketed from mid-August 2020 to January 2021. Like LUNA, the BTT token traded at $0.00000001 SATs and went flat on the Relative Strength Index. Fxstreet reports that BitTorrent’s market capitalization declined to $272 million. However, a one-day spike in volume turned its fate around and increased the market cap to $1.18 billion. Luna shows a similar point in volume, which might indicate a surge in its market cap. However, the market scenario is unfavorable at present, and the volume surge has given investors a glimmer of hope.