Terra Price Down by 0.03% – Time to Buy LUNA?

• Terra Adds Avalanche to Stablecoin Reserves: Time to Buy LUNA?
• Frax, Terra-Backed 4pool Goes Live on Fantom Network
• Terra to Become Club Sponsor, with Intentions to Use Cryptocurrencies at Nationals Park

LUNA is down 0.03% in the last 24 hours amid the downtrend of the broader crypto market. Is this an opportunity for investors to buy LUNA and rise with the market when it consolidates?

Terra is a blockchain protocol that supports price-stable global payment networks with fiat-pegged stablecoins. The blockchain protocol claims that its usage of fiat-pegged stablecoins distinguishes it from its competition. This is done by combining the borderless benefits of cryptocurrencies with the day-to-day price stability of fiat currency.

Terra Adds Avalanche to Stablecoin Reserves

Terra plans to diversify its holdings beyond Bitcoin by purchasing AVAX, the Avalanche native token.

Recently, the Luna Foundation Guard, a Singapore-based nonprofit, announced a $100 million treasury swap with the Avalanche Foundation. Terraform Labs (TFL) exchanged $100 million in LUNA tokens for AVAX tokens.

The transaction increases the UST stablecoin’s reserves and expands its treasury outside Bitcoin. With a market valuation of $16.7 billion, UST is the fourth-largest stablecoin. Due to the strategic relationship, Avalanche users will be able to swap UST for Avalanche tokens directly on its blockchain.

Additionally, Terra plans to develop protocols on the Avalanche blockchain. Therefore, the AVAX reserve will remain on the network.

Frax, Terra-Backed 4pool Goes Live on Fantom Network

Ahead of its Ethereum debut, 4pool, a Curve-based yield farm, has been installed on the Fantom network.

According to its inventors, 4pool will be tested first on the Fantom and Arbitrum networks, then on Ethereum so that it can be one of Curve’s most liquid trading pools. Moreover, Curve is still Ethereum’s largest decentralised banking network, with over $20 billion in total value locked (TVL) up.

UST and Frax’s FRAX, two decentralised stablecoins, and USDC and USDT, two centralised stablecoins, make up 4pool. Through cooperation with Frax and Redacted Cartel, a mechanism for collecting returns on locked tokens, it hopes to boost the utility of Terra’s UST stablecoins.

Terra to Become Club Sponsor, with Intentions to Use Cryptocurrencies at Nationals Park

The Washington Nationals of Major League Baseball (MLB) teamed up with Terra recently. This collaboration between a sports team and a decentralised autonomous organisation (DAO) is the first of its kind.

Last month, Do Kwon, the founder of Terraform Labs, announced that funds raised by the Terra community would be used to collaborate with a professional sports franchise in North America, establishing the groundwork for the deal. Kwon hoped to raise $40 million over five years to fund the collaboration.

According to the franchise, TerraUSD (UST) might be allowed as a payment method at Nationals Park as early as next season.

LUNA’s Technical Analysis

At press time, LUNA trades at $94.20, a downtrend of 0.03% in the last 24 hours and a rise of 15.01% in the past 7 days. The digital asset is 21.42% below its all-time high of $119.

LUNA’s technical indicators show a slight bullish run. The crypto asset is now trading above the 61.8% Fibonacci retracement threshold of $90.44 – This means the digital asset may see support below this level but would likely rise past the indicator price if the broader crypto market value continues to be bullish.

Terra Luna’s Moving average convergence and divergence (MACD) indicator shows a weak buy signal. The digital asset’s Relative Strength Index (RSI) also stands at 51.76. These indicators show that LUNA is underbought, enabling investors to buy LUNA and rise with the market.

LUNA is also trading slightly above its indicator, with a 50-hour Simple Moving Average (SMA) value of $91.01. This also shows that the asset is on a slightly bullish run.

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