Terra Luna Price Up By 9.98% – Time To Buy LUNA Coin?
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After breaking previous resistance, LUNA has enjoyed massive backing as investors flood the market to buy LUNA.
In a market that has witnessed many ups and downs in recent weeks, large-cap cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are losing steam.
But LUNA has been a standout performer and has flourished in recent weeks, cementing a spot as one of the top gainers.
LUNA Sets New Record Highs
At press time, LUNA is trading at $67.64, up 9.98% in the last 24 hours. The utility token has gained an outstanding 73.50% in the last 7 days, further bolstering the impressive form of the asset.
LUNA’s monthly price gain of 40.82% shows the digital asset has been on an uptrend in recent times. It is also not surprising that the utility token has seen a price of 14901.1% in the last twelve months.
The 11th ranked crypto asset enjoys a 1% dominance of the $2.6 trillion crypto market. The market cap of the virtual asset is over $26 billion, up 8.96% in the last 24 hours. The 24-hour trading volume of Terra Luna stands at $2.3 billion, down 5.42%.
A few hours ago, LUNA broke through resistance to set a new all-time high (ATH) record of $69.56. With this rally, it will come as no surprise if another peg price is set before today’s trading closes. This moment presents investors with the best opportunity to buy LUNA.
Terra Luna Technical And Fundamental Analysis
LUNA’s rally has seen the virtual asset trading above the 20-day moving average (MA) support price of $48.62. The 200-day MA support price of $26.43 further corroborates that the blockchain-based asset is on a bullish run.
The relative strength index (RSI) of 72.87 denotes that the digital asset is trading in the overbought region, indicating that investors are keen to buy LUNA.
The moving average convergence divergence (MACD) reveal that the green trendline indicator is just above the orange trendline indicator, pointing to a buy signal.
Current projects embarked by the protocol has enhanced the coin’s impressive form. The asset has enjoyed major backing from community members and rolling out new features.
A recent community spend proposal to fund TrackTerra’s deployment as a tax and reporting app to facilitate exports of Terra’s transactions to popular tax software has been passed. This project is the first prop under the new minimum $LUNA deposit and reduced voting period rules.
Similarly, another community spend proposal which aims to deploy $3 million worth of $LUNA liquidity mining (LM) incentives across some strategic $UST pools on multiple chains has been granted.
The initiative is a broad-based amplification of LUNA-denominated liquidity mining (LM) incentives from the community pool for the network’s stablecoin TerraUSD (UST) pools across several leading apps and protocols on major layer ones.
This move aims to widen UST liquidity in strategically important pools that serve as hubs of DeFi activity for users on these chains.
The LM execution plan will increase the overall demand for UST, simultaneously augmenting UST’s cross-chain network effects as the premier decentralised, inter-chain stablecoin.
In another development, community members have voted in support of burning some LUNA tokens, which might be one of the major reasons for the asset’s recent price gains. About 89 million LUNA tokens estimated to be worth about $4.5 billion were set to be burned.
Meanwhile, Huobi Pool, the world’s largest staking mining pool under Huobi Group, has announced the launch of Terra LUNA staking.
With the launch of the LUNA staking channel on Huobi Pool, investors can have a seamless way to vote for notes and earn rewards on the platform.
The Terra blockchain prides itself as unique because it can host a multitude of algorithmic stablecoins on its network.
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