LUNA: Are Updates On Terra Insufficient For A Complete Turnaround In Price?

Christian Encila

2 years ago

3 mins read

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There is a group called the Terra Rebels whose goal is to restore the natural environment of Terra Classic.

On Twitter, a member by the name of Architect123 recently updated the community on the most recent developments in the ecosystem.

Let’s take a quick glance at some recent developments:

Recent statistics suggest that an increase in dApp development activity can be attributed to changes made available to developers
Metrics and technicals continue to act as a brake on price

#LUNC #LUNCCcommunity $LUNC #flutter
The new alpha package for TerraDart is now ready!
Use this package to communicate with LUNC Blockchain for Flutter or Dart Environments. https://t.co/SCkWqkBQde

— TheArchitect123 | CC & CCI (@AlphaGenius1237) December 5, 2022

The tweet implies that the TerraDart alpha package will make it possible for dApps to interact with the LUNC blockchain from within a Flutter or Dart environment.

The software development kit would help make developing dApps on-chain to be more streamlined.

Data from Santiment shows that because of this recent change, LUNA’s on-chain development activity has increased dramatically. Metrics and technological details, however, hint to a bleak future for the ecosystem.

LUNA Falls Due To Bearish Technicals

The current price of one coin is $1.5807. Pearson’s R for the regression channel is 0.6221, which indicates strong bearishness despite the price being at a green candle. This portends a probable decline in price.

Nonetheless, a positive crossover in the RSI indicates some optimism. The data are also on the rise, confirming the creation of a price downturn. The MACD indicator is also approaching a bullish crossing, confirming a modest upswing.

Nonetheless, a retreat would not be sufficient for a complete recovery. The EMA ribbon remains bearish, functioning as a dynamic resistance. The $1.5457 support is underpinning the recent retreat, therefore investors and traders should keep an eye on it.

In the coming days, the Bollinger band is also in the process of developing a crunch zone, which would be another obstacle to a complete recovery.

Terra: On Developments & Price Action

According to TradingView’s technical analysis of the cryptocurrency, investors should sell since a decline is inevitable.

This is further supported by a significant drop in LUNA’s MFI value, which indicates that the present upward price trend will be subject to a quick reversal.

Certainly, the new developments have an effect on the price of LUNA. Sadly, this is insufficient to halt the pessimism around the asset. Messari has a Sharpe ratio of -4.34, indicating that LUNA’s returns compared to its risk are close to zero or negative.

Currently, a short position after a bearish breakout at $1.5457 would be profitable for investors and traders in this extremely unfavorable market situation.

Crypto total market cap at $796 billion on the daily chart | Featured image: CoinQuora, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.