Terra Slumps Further 8.76% – Is a Breakout Imminent?


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The Terra blockchain (LUNA) is one of the most well-known protocols in the industry. Even though it is a fork of the original network, the protocol remains a top digital asset with remarkable influence in the emerging industry.

The new Terra blockchain has kept pace with the broader crypto space and is powered by the LUNA asset. However, the digital currency has since slumped and is down with the broader crypto market as reports of a possible tax by the U.S. government gain steam.

Could this be a great opportunity to buy the one-time darling of the crypto space in anticipation of a bull run?

LUNA Hopes on the Broader Market Recovery

At press time, the LUNA coin price is $1.28, following a downtrend of 8.76% in the last 24 hours. The digital asset has been in a slump for a long time, with a decline of 26.4% in the past week and 40.4% in the last 30 days.

This slump in value has negatively impacted the technical analysis, which shows a bearish movement. LUNA’s simple moving average (SMA) value is $2.02 for the 50-day short-term prediction and $14.16 for its 200-day SMA for the long-term prediction. The two values are far above the crypto asset’s current price.

LUNA price prediction 3/10/23

According to the Fibonacci retracement levels, LUNA price may be headed for a 61.8% rally from support at $2.06. However, the crypto asset has been in freefall since then and is heading towards the 0% Fibonacci retracement of $0.99.

The current Terra asset’s moving average convergence and divergence (MACD) value shows a sell position. On the other hand, its relative strength index (RSI) value of 23.62 puts the digital asset in the oversold region.

LUNA’s technical performance has been modest. However, a general crypto market recovery could see the asset rebound and head toward a new price level.

Eris Protocol Launches AMP Governance for LUNA

Eris, a slow-burn liquid staking arbitrage mechanism, has recently announced the opening of its AMP governance.

The AMP governance will allow holders of #ampLUNA and future holders of other ampTokens to lock in their liquid staking derivatives and decentralize Eris protocol decision-making.

Users can lock their #ampLUNA for a minimum of 3 weeks and a maximum of 2 years. They will receive increased governance power ranging from 1.3x (3 weeks) to 10x (2 years), depending on how long #ampLUNA remains locked.

Users will continue to be able to take part in gauge voting and Terra governance after their lock time has expired at a rate of 1x the #ampLUNA locked until they withdraw.

Two Digital Assets to Explore for Bigger Profit

While investors are considering adding Terra LUNA to their portfolio, several other cryptocurrencies may offer exponential gains. The following are some well-known initiatives now offering discounted token presales, providing early adopters with immediate and long-term benefits.

CCHG is the native token that powers C+Charge, a cryptocurrency firm aiming to build a sustainable world.

The project is building a strong peer-to-peer (P2P) payment system for electric vehicle (EV) charging stations. Individual electronic wallets will be given to users, who may then use the C+Charge utility token to pay for EV charging.

The main hub for all EV owners’ charging requirements will be the C+Charge mobile app. The app will handle all end-to-end charging process operations in addition to managing payments.

At press time, the $CCHG price is $0.019 per token. The digital asset has seen overwhelming support, raising over $2.66 million in its ongoing presale.

However, the token’s price will rise to $0.02 after the sixth presale stage ends in five days.

Another value-driven digital asset to explore is FGHT, the Fight Out native token. $FGHT is an Ethereum-based token that runs the entire Fight Out ecosystem

The platform offers users different features that allow them to learn from professional fighters and athletes. They are also rewarded for completing fitness challenges and competing in the metaverse.

FightOut’s presale is ongoing and has raised $5.39 million ahead of the first exchange listing in April.

$FGHT is currently trading at $0.028. The price, however, will gradually rise every week until March 31st, when it will sell for $0.0333.

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