LUNA reversing gains, down 6%: time to buy LUNA dip?

The live Terra price today is $86.55 with a 24-hour trading volume of $2.8 billion. Terra is down 6.31% in the last 24 hours. Is it time to buy LUNA? Read on to find out.   

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What is LUNA?

LUNA is the native token of Terra, a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and offers fast and affordable settlements.

Development on Terra began in January 2018, and its mainnet officially launched in April 2019. Terra uses LUNA to stabilize the price of the protocol's stablecoins. LUNA holders are also able to submit and vote on governance proposals, giving it the functionality of a governance token. Terra was founded in January 2018 by Daniel Shin and Do Kwon.

Should I buy LUNA today?

LUNA is a volatile asset that can undergo sudden and unexpected price swings in either direction. Be extremely cautious when investing in cryptocurrency.  

LUNA price prediction

According to Crowd Wisdom, LUNA will trade between $87 and $92 in the next few hours. Their overall recommendation for this time frame is Sell. None of the five momentum indicators are positive, while three of them are negative.

LUNA on social media

#LUNA If you're into buying the dip, this could be a prime spot for it. Each dip has followed with a higher high.
#LUNAUSD pic.twitter.com/bA2iojzRfJ

— Benjamin Levy (@BenjaLevyy) December 27, 2021