Boom to burst: Will Terra (LUNA) ever return to $120 again?

LUNA

The crypto news cycle over the last two weeks has largely been dominated by Terra (LUNA). The coin went from being one of the top ten most valuable crypto assets to ranking below 200. It all happened in days. So, will the stablecoin platform ever return to its heyday? Here are some highlights:

Terra literally went bankrupt in the last week.

The coin has hit all-time lows albeit we have seen some slight recovery.

Currently, LUNA is facing huge volatility with fluctuations of up to 50% per day.

Will Terra ever return to $120?

Terra (LUNA) was always seen as the crème on the cake as far as crypto goes. It was among ten of the most valuable assets in the market and for a long time, it traded above $100. But after periods of decline, the coin had settled at around $40 in 2022. 

However, all of that value was wiped out after its dollar-pegged UST stablecoin lost its peg. LUNA simply crashed and now sells for pennies. A return to glory, however, will not be so simple. Although a slight recovery has been reported over the past few days, there is so much volatility around LUNA that it is sure to come back.

Besides, a lot of the things that need to happen to give LUNA a chance have not happened yet. UST is still de-pegged, and the Terra community is running out of ways to defend the stablecoin. It will be a miracle if LUNA returned to $10 let alone $120.

Should I buy LUNA dip?

You can trade LUNA right now, but don’t keep it. As stated above, due to high volatility, the coin swings wildly.

This gives short-term speculative traders a chance to win big. But for the long haul, LUNA is just too risky right now.

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