The cryptocurrency LUNA experienced a dramatic fall in May 2022. However, since the beginning of this week, it has shown a strong increase. Indeed, the price of the crypto was traded at $0.7752 on November 27, 2023. This represents a nearly 20% increase in the last 24 hours. Is this surge sustainable? Will LUNA soon reach $1? We answer these questions in the following paragraphs !
Mis à jour le 11/27/2023 à 20:22
There are several factors that could explain the price increase of the LUNA cryptocurrency.
Firstly, the overall cryptocurrency market is currently on the rise. This could lead to price increases across all crypto coins. Secondly, LUNA has recently been added to several major exchanges, boosting its liquidity and demand.
Lastly, and importantly, LUNA has announced several strategic partnerships. For instance, the coin has been integrated into the decentralized crypto exchange (DEX) Osmosis. This integration could make LUNA more accessible for cross-chain transactions.
From a technical standpoint, the price of LUNA cryptocurrency has broken the $0.70 resistance level. This suggests that bulls might be ready to push the coin higher. If the price manages to surpass the $0.80 resistance, it could indeed aim for $1.
LUNA’s trading volumes have also increased since the beginning of the week. For instance, LUNA’s 24-hour trading volume reached $323.74 million on November 27, 2023, marking an 11.21% increase over the last 24 hours.
This rise in trading volumes suggests that the demand for LUNA crypto is increasing.
However, there are factors that could negatively impact LUNA’s price. One is the LUNA crash in May 2022, which has left a sense of distrust among some crypto investors.
Additionally, LUNA developers have been facing legal challenges for several months now. These proceedings were initiated by crypto investors who were victims of the crash.
The medium-term outlook for LUNA appears positive. The cryptocurrency is indeed enjoying strong technical support. This is bolstered by several other favorable factors, including:
If bulls manage to keep the price above $0.80, it is likely that the price of LUNA will continue to rise. Therefore, the coin could reach $1 by the end of 2023 or early 2024.
In the long term, the prospects for LUNA are also looking positive. In addition to strong technical support, the upward trend in the cryptocurrency market could boost the price of this crypto. According to several crypto analysts, the LUNA coin could reach $5 or more by the end of the decade.
⚠️ This article is published for informational purposes and should not be considered as investment advice. Crypto-currency trading involves risk and it is important not to invest more than you can afford to lose.
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Léa is part of the InvestX team which supports members in their training. She is also a crypto enthusiast who follows the market closely. For the InvestX.fr site, she writes articles to help readers decipher the news and what happens day after day in the world of blockchains.
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