Price Analysis

Terra Fails to Attract Investors, Despite Major Ecosystem Updates! What’s Next for LUNA Price?

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Story Highlights
  • Terra (LUNA) price has been barely impacted with the present market sentiments which is flipping from being bearish to a minor recovery phase

  • While some of notable updates have been rolled out, the investors still remain off-the-shore, indicating the sense uncertainty still prevailing within the space

The giant fall that slashed the Terra (LUNA) price to half during the first few days of November continues to prevail as the prices remain within the bearish influence. At the same time, the volume also has dropped significantly which has also hindered the rally to a larger extent. Meanwhile, the development activity over the platform remains within a decent range regardless of the LUNA price action

In a fresh update, the new alpha package for TerraDart which is a Dart SDK for writing applications interacting with the Terra blockchain rolled out a new package called alpha. The alpha package is now ready to use and can be used to communicate with the LUNC blockchain within Flutter & Dart environments. 

Along with the alpha package, a new on-chain proposal has been rolled out called Knowhere/Soil Grant Proposal where-in the developers seek 187,500 LUNA for the smooth functioning of the network and also launch new features every 6 to 8 months. 

Despite a couple of significant upgrades, the price remains largely unaltered. As per the data from Santiment, the development activity over the platform has slightly risen from rock bottom levels. 

Santiment

It has to be noticed that the development activity decreased when a minor rise in the LUNA price was registered previously. This resulted to be extremely harmful to the token as the community shifted its focus as the social volume also dropped miserably. Moreover, the volatility of the asset also dropped by more than 40% which worsen the situation. 

However, LUNA’s daily chart continues to remain bearish as most of the indicators point toward the price could deep dive into the bearish sea very soon. The price which is hovering around $1.62 with a slight jump of 4.13% compared to the previous day’s close may fail to reach the pivotal resistance at $2. The following rejection may however drag the Terra price below $1.5 very soon. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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