LUNA: Are Updates On Terra Insufficient For Turnaround In Price?
2 min read
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
