The Terra Luna price has fallen from its peak around $120 in April 2022 to barely one-hundredth of a cent, sending shockwaves across the cryptocurrency market. Following the collapse of Terra’s alsgoritmic stablecoin UST and its sister token LUNA, Terra LUNA was then christened TerraLUNA Classic (LUNC) with a circulating supply of 6.014 trillion in an attempt to salvage what remained of the ecosystem. This has led many people to question how the new LUNA coin under Terra Luna 2.0 is different from the original.
At the time of writing, the LUNA price is trading at $0.000149, after gaining 1.66% in the last 24 hours. The current market cap of the LUNA coin is $890 million, which puts the crypto at #39 on CoinMarketCap with a 24-hour trading volume of $106.7 million.
The Terra Luna Ecosystem
The native token of the Terra blockchain is LUNA. A Korean company called Terraform Labs, where up to $32m million was raised in a private sale of LUNA coins to fund the project developed the blockchain. The sources of investments included centralized enterprises like Binance, Huobi, and OKEx, among others.
At the core of the Terra blockchain was the creation of logarithmic stablecoins- basically tokens designed to integrate the decentralized freedom characteristic of crypto with the stability surrounding fiat money. Accordingly, LUNA became a focal piece of this system and was described as a staking or protocol token.
To achieve this aim, the Terra blockchain introduced a dual token system between the TerraUSD (UST) stablecoin and LUNA, with the stablecoins (UST) being minted by burning LUNA or swapping for LUNA.
In principle, the idea was that on the off chance that the UST value soared above $1, an equivalent value of LUNA would be burned, thereby minting more UST and in the process, reducing its value. In addition, supposing the UST price plunged below $1, the stablecoins would be swapped for LUNA, thereby increasing the value of UST. That is how UST was supposed to maintain its 1:1 dollar peg.
Before the crash of the Terra ecosystem in May 2022, LUNA coins had been limited to one billion in circulation on the criteria that if this number was exceeded, LUNA was burned. As of December 31, the original LUNA, now christened Terra Luna Classis (LUNC) has a circulating supply of $6 trillion, according to data from CoinMarketCap.
Will Terra Luna Price recover in 2023?
Terra Luna, now Terra Luna Classic (LUNC) has been scrabbling since the ecosystem’s collapse and the Terra community is actively working in the hope to restore the token’s lost glory. Although a pullback to the previous price values is a farfetched dream, the team’s current target is to restore the faith investors had in the ecosystem.
As part of these efforts, Terra Labs is trying different interventions, including a partnership with the largest crypto exchange Binance on a joint venture set to reduce the circulating supply of the token.
The Terra team details that it is working closely with centralized exchange partners like Binance, Bybit, and Huobi to support LUNA holders who left funds on exchanges. #LUNA #UST【https://t.co/vm1BD9DrZX】
— Allure Love (@AllureLove_520) May 26, 2022
As such, the exchange implemented a burn program where 100% of the spot and margin fees are burnt until Wednesday. Based on recent developments, the number has been reduced to 50%.
Since the crash, Terra Labs has strived to regain community support, and while the Binance collaboration inspires some confidence, there is much to be done before Terra can rally a following as huge as it used to have. If this happens, then the hope for LUNA price to reach the $1 mark will be rekindled.
LUNA/USD Daily Chart
Based on the daily chart (above), LUNA/USD pair at $0.000149 is flashing green in a volatile market after the bulls overpowered the bears in today’s trading session.
The LUNA price is currently fighting the resistance offered by the 9-day simple moving average (SMA). If bulls can increase their buying pressure to flip this barrier into support, LUNA price will eye the next key zone at $0.00017, which has proven to be a formidable hurdle in the past.
In highly ambitious cases, buyers could raise the price to target the $0.00019 range high, but this would depend on whether they can flip the aforementioned stubborn resistance into support.
This positive outlook was supported by the moving average convergence divergence (MACD), though flat, is was tipping upward toward the neutral line. In the same way, the Relative Strength Index (RSI) is beginning to point upwards, a sign that more buyers are entering the market and were determined to push the Terra Luna price higher.
On the other hand, should the bulls fail to crack the 9-day SMA barrier, the LUNA price may record further losses, starting with losing the support at $0.00014 and if push comes to shove, possibly retesting the local low of $0.000126.
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