Terra Luna is up by 97 per cent in the past three days. In today’s trading session, the cryptocurrency is also up by over five per cent, extending the bullish trend of the past two days.
Is the current price gain a recovery?
The past few days have seen Terra luna almost double in price. On May 14, a huge bullish spike also resulted in a 272 per cent price gain for Terra. The spike has led many to believe that the current trend may be signalling a return to a bullish market, where Terra Luna recovers.
However, that is unlikely the case. Today, Terra Luna is trading at a $0.00021 price level. This is after the cryptocurrency crashed by over 99 per cent. Terra Luna opened the month trading at around $78, but by mid-month, the prices had started to plummet.
Today, with almost 99.99 per cent of the original value lost, the current price movements are very insignificant. Based on the current trading fundamentals, it is highly unlikely that the current price gains are a result of price recovery. Although there are people trading the cryptocurrency and causing the price movements, with the past 24 hours showing a 60 per cent growth in trading volume, Terra Luna’s recovery is almost certain it will never happen.
Terra Luna Price Prediction
In the chart below, we can see that today’s trading session is bullish. We can also see Luna has lost more than 99 per cent of its value in the past two weeks. However, despite the cryptocurrency showing signs of resurgence, my Terra Luna price prediction does not expect the prices to recover.
I expect the current volatility to continue to the downside, where it will end up losing more value as the days progress. Unfortunately for traders looking to invest in the project, there is a high likelihood of the project losing money than recovering. This is because most exchanges have also paused trading Terra Luna.