On May 28, the launch of LUNA 2.0 took place, in an attempt to regain some confidence among investors.
The Terra developers recently proposed to fork the network to version 2.0 and rename the old network to Terra Classic, which was approved by the community.
This is an attempt to revive the LUNA and Terra USD projects, completely restructuring the platform, after the capital stampede produced a death spiral of both currencies.
According to Do Kwon, founder of Terra, the plan is to start issuing these tokens again, and send them to existing investors who suffered large losses after the crash.
LUNA 2.0 begins to gain ground as the main exchanges open their doors to it
At the time of this writing, LUNA is trading at $6.52, accumulating a gain of 12.52% in the last 24 hours.
According to data from CoinMarketCap, the new coin now holds a market capitalization of $1.359 billion. With this capitalization, LUNA 2.0 should currently be around the 50th place in the crypto ecosystem.
Within a few minutes of the launch, the price reached a maximum of more than $30 on some exchanges. However, the excess of positivity quickly disappeared.
Several of the main exchanges have already listed LUNA 2.0, which has given a big push in this relaunch phase.
ByBit was one of the first to announce the listing of the fork. Later Kucoin, Gate.io , OKX and BitTrue also did it.
Binance, the largest by market volume, was not far behind and included Terra 2.0. Trading of LUNA/USD and LUNA/BUSD on this exchange is expected to be available starting tomorrow, May 31, at 6:00 am UTC time.
This is how the price behaves
In Gate.io the maximum price was $17.70. Now we see a strong rejection of that price, and a sideways behavior, albeit with a slight upward tilt.
The goal of the bulls in the short term is to break through the resistance at $7. At the moment, most likely, they will succeed.
In order for the bullish intention of the last few hours to be lost, we should first see small lows getting lower and lower. The most relevant immediate support is at $5.70.
All our publications are of an informative nature, so in no case should they be regarded as investment advice.
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