LUNA, the native token of the Terra 2.0 blockchain, was among the many gainers in the past week positively affected by Bitcoin’s impressive rally toward the $35,000 mark.
According to data from CoinMarketCap, LUNA is up by 13.96% in the last seven days, providing some relief for investors who have had to endure the token’s bearish form in the previous weeks leading to this price rise.
As expected, LUNA’s current bullish form has now attracted much attention, with some analysts speculating there could be more gains in the coming weeks.
LUNA Could Double Its Value After Breaching Major Trendline, Analyst Says
In a post on X on Sunday, crypto analyst Captain Faibik shared with his 67,000 followers an intriguing bullish prediction on LUNA’s price trajectory.
Faibik, who claimed to not be a LUNA enthusiast, noted that the altcoin has recently broken a major bearish trendline and could potentially gain by 80-100%.
I may not be a fan of this coin, but I receive frequent Chart Requests for it.$LUNA has broken a Major trendline and could potentially see a bullish rally of 80-100%. 📈#Crypto #LUNA #LUNAUSDT pic.twitter.com/R9UEmxK2Bx
— Captain Faibik (@CryptoFaibik) October 29, 2023
According to Faibik’s analysis, LUNA traded above $0.47 in the past week, breaching a bearish trendline that stretches as far back as January 2023 on the token’s daily chart.
Traditionally, trendlines are used by traders to connect several price points together and provide some insight into the potential direction of an asset’s price movement.
When an asset’s price moves out of an established trendline, as in the case of LUNA, it can be interpreted as an impending price reversal.
Since the start of 2023, LUNA has produced an overall negative price performance, losing over 63% of its value in the last 10 months. However, if Faibik’s prediction proves true, the popular altcoin could be on its way to a remarkable recovery.
At the time of writing, LUNA trades at $0.468 with a 0.70% decline in the last day. With an 80-100% price increase, this price could rise as high as $0.934 in the coming weeks.
Meanwhile, LUNA’s daily trading volume is currently down by 3.73% and valued at $48.67 million. With a market cap of $263.92 million, LUNA is ranked as the 117th largest cryptocurrency.
Related Reading: Is Terra Classic Planning For USTC To Be Pegged To The Dollar Again?
Terra Community Approves New Proposal
In other news, the Terra Community has recently passed governance proposal 4790 aimed at the active and aggressive development of the Terra ecosystem with resources provided by Terraform Labs.
Under this newly approved proposal, Terraform Labs, alongside Terra community partners, will explore opportunities to utilize non-LUNA capital in driving the growth of the project’s economy.
In addition, 125 million LUNA will be staked by a Terra community council to encourage and reward active network engagement, offer essential services to support the ecosystem, and guarantee equitable decentralization.
LUNA trading at $0.4696 on the daily chart | Source: LUNAUSDT chart on Tradingview.com
Featured image from iStock, chart from Tradingview