LUNA eyes a 15% uptrend, while Terra 2.0 upgrades its Agora forum

YEREVAN (CoinChapter.com) – LUNA, the token resurrected after the UST stablecoin implosion in mid-May, dropped another 67% month-to-date. As a result, the token traded at nearly $3.5 in the European session on June 8. However, the two-hour chart hinted at a possible 15% jump in the upcoming session.

LUNA might recover based on a bullish setup

In detail, the token formed a Falling Wedge, with a short-term target of approximately $4.0. The Wedge entails two converging trendlines with a negative slope. They enclose the price action and gradually lower the swing as the pattern progresses.

Also read: Do Kwon allegedly laundered $4.8M through Terraform Labs — Report.

The Falling Wedge is a bullish reversal setup. Thus, once the token exhausts the formation, it will likely break out above the resistance line and adopt a bullish bias. The setup’s final target uptrend equals the maximal distance between the trendlines. In LUNA’s case, the upside move could bring the Terra 2.0 token to 6.7, or nearly double the current value.

However, even if the long-haul bullish prediction does not pan out, LUNA could still jump to the Wedge’s upper trendline, a 15% jump for the token.

RSI concurs with the bullish outlook

Moreover, the relative strength index (RSI) backed the bullish claim as it charted through ‘oversold’ territory. In detail, the RSI is a momentum indicator that helps traders determine the most efficient exit and entry points into the market.

When the oscillator falls below 30, the traders might consider the asset oversold and double down to buy the dip, subsequently raising the value.

Also read: Terra’s Mirror Protocol compromised again, but “LUNA 2” soars 100% anyway.

Meanwhile, Terra 2.0 announced upgrades that could also help boost LUNA’s price.

Terra 2.0 upgrades Agora.

Terra 2.0 announced on June 7 that its governance forum Agora would get an upgrade. It will get a “new & improved” interface, token gating on topics to deter spam, and “discussion post-polling.”

Also read: How to trade LUNA 2.0 after Terra’s $45B debacle.

Additionally, many apps that ran on Terra launched on Terra 2.0, as the platform recently announced. According to Do Kwon, Terraform Lab’s chief executive, decentralized exchange (DEX) Phoenix joined the club on June 2.