Nine days ago, the price of Terra (LUNA) reached its all-time high of $104.58. It has since retreated about 16% to the current price of $86.
However, according to a popular cryptocurrency analyst and trader, LUNA could return to its glory days. But for that, it needs to break through an important key level.
If it succeeds in surpassing the mark indicated by the analyst, the cryptocurrency can jump up to 70% from its current price. That is, it can reach the mark of approximately US$ 150.
Terra (LUNA) can jump from 70% to 93%
The trader in question, who has made good predictions for the Terra platform cryptocurrency, is known as Kaleo. On his Twitter account, he projected the rise for the digital currency and shared the predictions with his more than 470,000 followers.
According to Kaleo, rival ETH is an “outlier” in a dull cryptocurrency market.” After all, while the cryptocurrency has jumped more than 60% in the last 30 days, ETH, for example, has dropped 4%.
As the trader pointed out, the key level that LUNA needs to break is precisely the all-time high at around $104.
Thus, LUNA would need to value just over 18% to reach that mark. If that happens, the cryptocurrency’s price could reach $150 or even $170, resulting in a 93% increase from its current price.
$LUNA is an outlier in an otherwise dull crypto market. If LUNA can reclaim the highs from here, I expect price discovery to extend to HTF resistance in the the $150 – $170 range.
Next, the trader highlighted that the LUNA/BTC pair is already in price discovery after enduring more than 2 months of accumulation.
Bet on LUNA appreciation
But it’s not just Kaleo who is optimistic about Terra (LUNA). Founder of the Terra platform, Do Kwon, bet $1 million on LUNA’s appreciation by 2023.
Kwon sealed the bet after seeing a message from a relevant user on Terra, who goes by the alias AlgodTrading. And the bet was indeed sealed with blockchain registration. The end date has been set for March 14, 2023.