Altcoins have been having a challenging couple of weeks since they have been mimicking the price of bitcoin. These fluctuations have been causing negative price trends in the market. However, most altcoins, including LUNA, have managed to recover the immense losses suffered during the May crash. Even though all-time highs are yet to be achieved, the sharp volatility has been averted.
At the time of writing, LUNA is trading at $5.07 on major exchanges after a 2.3% loss in 24 hours.
LUNA Price analysis
LUNA is trading at a critical level of slightly above the $5 support level. This level is critical because a retreat below might cause a further downtrend that may harm the token. Furthermore, LUNA has been trading at this level for a while, which could mean that buyers are holding the token waiting for market support.
The market support of the token might boost higher levels past the resistance level at $5.50 and then $6.00. If a continuous uptrend is registered, we may witness LUNA moving past $8 and regaining bullish momentum as buyers jump in to purchase the token.
Sharp bulls will place LUNA above $10, while sharp bears will push LUNA below $4. Whichever way the token moves, it will need support from the broader cryptocurrency market.
Those investing in the LUNA token may now choose to HODL to await a price movement to higher levels. Most indicators indicate the token is at a neutral zone; hence, holding will help the trader realize profits if an uptrend is reported.
The Terra blockchain has great use cases that promise to increase future prices for those who choose to hold the token. The Terra blockchain has formed grounds for the development is stablecoins such as the South Korean Won. Terra currently supports around 20 stablecoins.
Terra has also been involved in DeFi development, with the most recent being hosting DeFi Connected, a virtual Hackathon, which attracted a reasonable number of crypto enthusiasts. Nevertheless, Terra needs to gain support from the DeFi community to boost the value of its network.
Where to Buy Terra (LUNA)
If you want to buy LUNA tokens, create a crypto exchange account. Some of the most reputable exchanges that support LUNA include:
One of the most secure exchanges that supports LUNA tokens is eToro. In addition, the exchange comes with a unique set of features that favour new traders. eToro offers a copy trading account, and it also charges some of the lowest trading fees.
The other exchange that supports LUNA is KuCoin. Just like eToro, KuCoin allows new users to copy trade from seasoned traders. Its trading fees are also highly competitive and friendly to users.
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