LUNA, the native token of the Terra 2.0 blockchain, experienced significant gains in the past week, riding the wave of Bitcoin’s impressive rally towards the $35,000 mark.
According to data sourced from CoinMarketCap, LUNA surged by 13.96% over the course of the last seven days, offering a welcome respite to investors who had endured the token’s recent bearish trends leading up to this price upswing.
As expected, LUNA’s current bullish momentum has captured the attention of many in the crypto space, prompting analysts to speculate on the potential for further gains in the upcoming weeks.
LUNA’s Value May Double Following Breakout, Analyst Predicts
In a recent post shared on platform X, crypto analyst Captain Faibik, who boasts a following of 67,000, presented an intriguing bullish forecast for LUNA’s price trajectory.
Despite not identifying as a LUNA enthusiast, Faibik highlighted the altcoin’s recent breakthrough as it broke a significant bearish trendline, suggesting the potential for an 80-100% increase in value.
According to Faibik’s analysis, LUNA managed to breach a bearish trendline that extended back to January 2023, trading above $0.47 in the past week. These trendlines are widely employed by traders to connect various price points and gain insights into an asset’s potential price movement.
When an asset’s price breaks free from an established trendline, as LUNA has done, it often signifies an impending reversal in price direction.
Throughout the year 2023, LUNA had seen an overall decline in value, losing over 63% of its worth in the previous ten months. Nevertheless, if Faibik’s forecast holds true, this prominent altcoin could be on the verge of an impressive recovery.
As of the latest update, LUNA is trading at $0.468, showing a minor decline of 0.70% in the past day. With an anticipated 80-100% increase in price, LUNA could potentially reach as high as $0.934 in the weeks to come.
Meanwhile, LUNA’s daily trading volume has decreased by 3.73%, currently standing at $48.67 million. The cryptocurrency boasts a market capitalization of $263.92 million, securing its position as the 117th largest cryptocurrency in the market.
Furthermore, in the world of Terra, the Terra Community recently approved governance proposal 4790, which aims to foster active and aggressive development within the Terra ecosystem, utilizing resources provided by Terraform Labs.
Under this newly endorsed proposal, Terraform Labs, in collaboration with Terra community partners, will explore opportunities to leverage non-LUNA capital in advancing the growth of the project’s economy.
In addition, the Terra community council plans to stake 125 million LUNA tokens, encouraging and rewarding active network engagement, providing essential services to support the ecosystem, and ensuring equitable decentralization.