Why Horizontal Trend is Dominating
Since June 13, Terra Luna’s price has traded in a sideways market. Today, it is down by 2 percent. However, its trend still remains sideways.
Terra Luna Price History
On May 28, Terra Luna was launched after its previous version, Terra Luna Classic, crashed by over 99 percent. At the time of the launch, Terra Luna was trading at $18. However, the following days would see the prices starting to come down, and within a week, Terra Luna had started trading below the $10 price level.
Since then, it has maintained its price of trading below the $10 price level. Starting on June 13, Terra Luna also entered a long-term sideways market, which it has been unable to get out of. Today, despite dropping of 2 percent, it is still a continuation of the sideways market.
Terra Luna Price Prediction
Looking at the chart below, today’s price drop of 2 percent is extending a long-term sideways market. Today’s drop is also a confirmation of the struggle the Terra Luna cryptocurrency has been undergoing for the past few weeks.
Part of the reason for the sideways market is the controversy surrounding the relaunch of the cryptocurrency. Before Terra Luna, the Terra Luna classic used to be the largest project of the Terraform Labs. However, the collapse of the original Terra Luna saw the company forking the old project, with all its users, to launch another project, which is the current Terra Luna.
Unfortunately, most people, including those who were airdropped with Luna tokens, went into a sell-off mode, resulting in Terra Luna prices plummeting in the first few weeks and then stabilizing and trading in a sideways market. Therefore, my Terra Luna price prediction expects the prices to continue trading in a sideways market.
My price expectation for the next few weeks is for the project to trade between $1.5 to $3 price level. However, if Terra Luna trades above the $3 price level, my sideways analysis will be invalidated, signaling a bull move. Trading below the $1.5 price level will also invalidate my sideways market and signal a bearish trend.
Terra Luna Daily Chart
