• LUNA price is at an inflection point and ready to climb to $2.60.
  • Terra announces plans to develop dashboards for curated data and analytics.
  • If LUNA price fails to break above a key descending trendline, trading will range between $2.00 and $2.20.

LUNA price ranges between a rock and a hand place following its rejection from $2.60. The token’s immediate upside is capped by immense seller congestion at $2.20, while on the downside, LUNA price sits on solid support established at $2.00. In the meantime, a buy signal presented on July 28 hints at a bullish breakout north of the current market price of $2.15.

Terra to build curated data and analytics dashboards

Terra 2.0, the blockchain-powered by LUNA, announced via Twitter on Wednesday that it intends to develop curated data and analytics dashboards through a platform called MetricsDAO. Educational content and token bounty programs – which allow entrepreneurs to collect funds from investors to launch new coins – will also feature on the consoles.

A blog post published by MetricsDAO illuminated that Terra 2.0 is at a crucial phase of maturity and growth and needs to foster on-chain transparency, touching on analytics and user acquisition. The dashboards will allow Terra’s blockchain to be queried by developers and analysts.

MetricsDAO is tasked with curating the data and availing it on Flipside Crypto, a platform offering an SQL query editor, API, visualization studio and SDK – all free for all users.

Some expected results from this development are access to free and open data, curated educational content, community accountability, bounty rewards and marketing materials.

Although LUNA price may appear stuck in a narrow range, the development team is taking steps to repair the network’s outward image. If these efforts bear fruit, LUNA price will gain momentum while riding on renewed investor interest.

LUNA Price Buy Signal Holds

The Super Trend indicator flipped green on July 28 after sending a buy signal. Traders who heeded the call bagged quick gains when LUNA price spiked from $1.75 to $2.60

Now LUNA price is expected to return to the same highs by building on the momentum indicated by the Super Trend indicator. A break above the descending trend line will affirm the bulls’ influence, leading to gains up to $2.60.

LUNA price

LUNA/USD four-hour chart

Whereas things may look positive for LUNA price, traders should consider taking profits at $2.40. All factors considered, the bear market is still on. On the downside, slicing through the 50-day SMA support at $2.00 could see LUNA price plunge to $1.75 and $1.65, respectively.

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP