Three days after the launch of Terra Luna 2.0, the cryptocurrency continues to make gains in the market. In today’s trading session, the cryptocurrency is up by over 40 per cent. It is also a third consecutive day since the launch that we are seeing the prices rise.
Luna Resurrection Plan
A new version of the collapsed Terra Luna is already being traded in exchanges. Early this month, the prices of Terra Luna plunged from the opening price of $78 to trade below the $0.0001 price level. The plunge came as a result of its algorithmic association with the UST stablecoin. When the stablecoin de-pegged from its dollar value, it meant more minting of the Luna.
Unfortunately, the de-pegging continued to trade below its intended peg to the dollar. The drop caused panic in the cryptocurrency markets and resulted in UST tumbling. Due to its association with Luna, the drop of UST also took down Terra Luna.
Since then, the Terraform Labs have struggled to revive the project. Finally, after failing numerous times to restore the prices of Terra Luna to what it was previously, it was suggested a new Terra Luna project be forked. Fast forward to May 28, the Terra Luna 2.0 was launched and traded at $18. However, the new coin prices would come crumbling again, and by yesterday, it was trading at $6, a 67 per cent price drop.
However, the announcement about the Binance listing resulted in the prices rallying by 97 per cent. Currently trading at slightly over $10, or 40 percent in today’s trading session, the prices are likely to recover from their high during the launch.
Terra Luna 2.0 Price Prediction
My Terra Luna 2.0 price prediction expects the prices to continue rising. The current rise in price is from the latest announcement of the listing of the crypto in Binance. Therefore, there is a high likelihood that the prices may trade above $15 soon. However, if the prices drop to trade below $7, then my bullish analysis will be invalidated. It will also signal another Terra Luna fall.