The price of Terra Luna has fallen from its peak around $120 in April 2022 to barely a hundredth of a cent, sending shock waves through the cryptocurrency market. After the collapse of Terra’s alsgoritmic stablecoin UST and its sister token LUNA, Terra LUNA was then baptized with TerraLUNA Classic (LUNC) with a circulating supply of 6.014 trillion in an effort to salvage what was left of the ecosystem. This led many people to wonder how different the new LUNA coin under Terra Luna 2.0 would be from the original.

At the time of writing, LUNA price was trading at $0.000149, having gained 1.66% in the last 24 hours. The current market cap of LUNA coin is $890 million, which puts the cryptocurrency at number 39 on CoinMarketCap with a 24-hour trading volume of $106.7 million.

Terra Luna ecosystem

The native token of the Terra blockchain is LUNA. A Korean company called Terraform Labs, which raised up to $32 million in a private sale of LUNA coins to fund the project, is developing the blockchain. The sources of investments included central institutions such as Binance, Huobi, OKEx, and others.

At the core of the Terra blockchain has been the creation of logarithmic stablecoins — tokens essentially designed to combine the property of cryptocurrency’s decentralized freedom with the stability surrounding fiat money. Accordingly, LUNA became a pivotal part of this system and was described as staking or tokenization protocol.

To achieve this goal, the Terra blockchain introduced a dual token system between the TerraUSD stablecoin (UST) and LUNA, with the stablecoins (UST) minted via LUNA burning or LUNA swaps.

In principle, the idea was that if the value of UST rose above $1, an equivalent value of LUNA would be burned, thus minting more UST and in the process, reducing its value. In addition, supposing the price of UTs falls below $1, the stablecoins will be exchanged for LUNA, thus increasing the value of UTs. This is how the treasuries were supposed to maintain their peg to the dollar 1:1.

Prior to the Terra ecosystem crash in May 2022, the circulation of LUNA coins was limited to $1 billion with the criteria that if this number was exceeded, the LUNA would be burned. As of Dec. 31, the original LUNA offering, now named Terra Luna Classis (LUNC), is $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 collapse and the Terra community has been actively working in hopes of restoring the glory of the lost token. Although a rollback from past price values ​​is a pipe dream, the team’s current goal is to restore investor confidence in the ecosystem.

As part of these efforts, Terra Labs is attempting various interventions, including partnering with the largest crypto exchange Binance in a joint venture set to reduce the circulating supply of the token.

The Terra team states that it is working closely with centralized exchange partners such as Binance, Bybit, and Huobi to support LUNA holders who leave funds on the exchanges. #LUNA #UST【https://t.co/vm1BD9DrZX】

– Allure Love (@AllureLove_520) May 26, 2022

As such, the exchange has implemented a burn program whereby 100% of spot and margin fees are burned through Wednesday. Based on recent developments, the figure 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 a lot more that needs to be done before Terra can muster a following as huge as it once was. If this happens, hope is revived that LUNA price will reach the $1 mark.

LUNA/USD daily chart

Based on the daily chart (above), the LUNA/USD pair at $0.000149 is blinking green in a choppy market after the bulls outmaneuvered the bears in today’s trading session.

LUNA price is currently fighting the resistance provided by the 9-day simple moving average (SMA). If the bulls can build up buying pressure to turn this barrier into support, then LUNA price will head to the next key area at $0.00017, which has proven to be a formidable hurdle in the past.

In very ambitious cases, buyers can push the price to target the $0.00019 high range, but it depends if they can turn the above stubborn resistance into support.

This positive view has been supported by The Moving Average Convergence Divergence (MACD), although flat, is sloping upward towards the neutral line. In the same way, the Relative Strength Index (RSI) started pointing higher, indicating that more buyers are entering the market and they are determined to push the price of Terra Luna higher.

On the other hand, if the bulls fail to break the 9-day SMA barrier, LUNA price may record more losses, starting from losing the support at $0.00014, and if the push happens, a retest of the local low at $0.000126 is likely. .

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