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

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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:

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  • 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

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.

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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.

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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.

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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.

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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:

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Author: Christian Encila

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