LUNA, the crypto-currency that is quickly taking over the world and becoming a new standard for digital payments, has been making all-time highs in recent weeks. In this article, we will speculate on where LUNA will go in the coming weeks and months, providing insights into what’s on its way.
First of all, let us state that Luna’s utility value doesn’t depend solely on price speculation; it also depends on its usability as a currency. If the market realizes that Luna’s utility is risk-free, then it should enjoy a much higher price than it does today.
However, as is becoming evident by the high volumes of trades on markets such as Cryptopia, recent price increases are being driven by speculators. Those traders who see LUNA as an opportunity to make money by buying low and selling high probably do not have faith in Luna’s long-term prospects.
That brings us to the next point: What is the future of Luna? Why are those traders buying and selling LUNA at these levels? The answer is quite simple: there are ever-increasing numbers of people who would like to use LUNA as a form of digital currency payment.
For example; The New Zealand Audubon Society have recently announced that they will be accepting Luna as part of their monthly donations. In addition, the New Zealand Manawatu Electric Power Board accepts Luna for electricity payments.
There are many other examples of potential use cases for LUNA, which we will list below. But first, let us get back to our original subject…
Let’s start from the beginning: what is Luna?
LUNA is a peer-to-peer digital currency that aims to provide instant, costless micropayments all across the world. Its transactions transfer at almost no cost and its block generation rate is a steady 1 minute (see our previous article on LUNA).
How Do the Experts Feel?
Hearing the words of so many experts can be an incredibly informative way for us to get an idea of where the market is heading. As you can see in the chart above, there are large gaps between each prediction. This means that different experts value Luna differently and this could lead to a wide range in price speculation.
We are currently seeing a small rise in the number of predictions as time goes on. This is because some experts have started writing up new predictions, while many others are expecting to continue their periodic reports.
What Does Our Data Say?
Because of the fact that we can see clearly where the price is headed, we can take a look at our data for more information about what will likely happen. The racing odds for Luna are an especially informative resource because users of OpenTrade can bet on future price predictions. With this in mind, I dug through our data to find where all Luna betting was being conducted so that I could acquire a sense of where users think the price is going to go.
The odds in the chart above are from OpenTrade and show how likely it is for bets to be placed on each price prediction.
Why do you say that Luna will go to $2.00?
Clearly, this is a long-term prediction, but I feel that if we keep the cryptocurrency going in the direction that it is currently in, then it may be a very popular price at which to sell. You see, I believe that the last few years of growth have been just enough to keep Luna alive and well. With this in mind, I think it will be a very quick jump from $0.75 to $1.25 or from anywhere between $1.00 and $2.00 if the market goes as far as some predict.
It seems that more and more people are predicting that we will go to $2.00, and I think that this is based on the fact that it is the same price as Ripple and Ethereum. There is nothing wrong with being a follower of other currencies, but if you want to make your own predictions, then you should try to think differently than how they create their progressions. I do not necessarily agree with their predictions, but they do have a lot of money backing them because they are making money by using those predictions.