Altcoin Sherpa (@AltcoinSherpa), a crypto analyst who has been in the crypto industry since 2016, recently shared a bold prediction for Terra (LUNA). According to his post on X, LUNA could surge above the $100 mark in the coming weeks.
LUNA, which had the backing of one of the largest ecosystems in the crypto market, collapsed over three days in May 2022, wiping out $50 billion in valuation. LUNA has still not recovered fully from the crash.
The exact price predicted in Action Sherpa’s chart is $118.7947. LUNA is trading at $0.5197, and if this prediction comes true, it would signify an astonishing increase of 22,758.32%.
Although LUNA is down 1.72% in the last 24 hours, it has increased by 33.61% over the past week. It has also seen a 5.66% increase in its 24-hour trading volume, bumping it up to $217.7 million, and a market cap of $201.04 million. The chart shows that this surge will happen just before November.
Time to make it all back in 1 trade$LUNA pic.twitter.com/uBTAe48fz8
— Altcoin Sherpa (@AltcoinSherpa) September 28, 2023
Analyzing LUNA’s Performance
LUNA’s daily chart shows that the cryptocurrency breached the $0.5340 price point earlier in the day. However, it dropped after that and is currently trading below that level. If LUNA closes below $0.5340, there is a potential risk of a drop toward the immediate support at $0.4510 within the next one to two days. Increased selling pressure might push LUNA’s price below this support level, possibly down to $0.3755.
However, something of note happened over the last few days. The 9-day EMA crossed upward to hit the 50-day EMA, showing significant bullish momentum. This cross indicates a positive shift that could see LUNA climb even more in the coming days.
The Community’s Reaction
Altcoin Sherpa’s post drew mixed reactions from the community on X. One user stated that it would be a “GodLike” move if LUNA could succeed. Another user said that this was impossible. It will be interesting to see if LUNA can shock the crypto market by printing such a massive price high.
Altcoin Sherpa’s opinion of LUNA surpassing $100 remains an ambitious and speculative forecast, but it has garnered attention in light of recent price movements and technical indicators.
As with all cryptocurrency investments, it’s essential to exercise caution and conduct thorough research before making any trading decisions.
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