Terra Price Up 18.49% – Time to Buy LUNA?

• Investors have rushed to buy LUNE, causing the asset’s price to skyrocket.
• LUNA also has a track record, performing well amid the Ukraine crisis even as coin prices faltered.
• Investors will also be glad to know that the asset’s technicals look quite strong.

The market is looking healthy going into the new month. After getting a scare from the Ukraine conflict, crypto prices went into a tailspin over the weekend. However, the new week has brought with it a new influx of investors, and many of them are looking to buy LUNA due to its impressive performances.

Terra might be a relatively new project, but it has taken the crypto world by storm. The platform operates as a blockchain that enables stablecoin creation, with an array of assets in its network.

Built on the Cosmos software development kit, Terra is a blockchain that allows users to create fiat-pegged stablecoins. These coins use the network’s mechanism to operate, with Terra also offering smart contract functionality for asset creation.

Terra has been especially prevalent in the Asian markets for ecommerce. Tokens mined on Terra are known as Terra currencies, and they exist along with LUNA – the network’s native utility and governance token.

Today, Terra has stablecoins pegged to the Korean won, dollar, Euro, and more. TerraUSD – a dollar-pegged stablecoin on the blockchain – is already the fifth-largest stablecoin by market cap. As investors continue to buy LUNA, the asset has also rocketed into the top 10 on CoinMarketCap.

Massive Capital Raise Fuels LUNA’s Rise

There have been several growth drivers for Terra and LUNA recently. However, one of the most prominent was the successful $1 billion capital raise conducted by the LUNA Foundation Guard.

Announced on February 2022, the capital raise was led by Three Arrows Capital – with DeFiance Capital, Republic Capital, GSR, Tribe Capital, and others participating. Terra plans to use the funds to create a Bitcoin denominated forex reserve for TerraUSD (UST).

LUNA Avoids Ukraine Crisis

Another big reason why investors will be thinking to buy LUNA is its performance over the past week. Following the Ukraine crisis, many cryptocurrencies shed their February gains. Now that the market is looking up again, most of them are back in the green.

As for LUNA, its performance has been nothing shy of impressive over the past week. Most large-cap coins are up by low double digits, but LUNA is currently riding a 78.5% weekly gain.

LUNA is now on track to challenge its all-time high of $103.11.

LUNA Technical Analysis: Got The Green Light!

Currently, LUNA’s price stands at $89.72. This is a jump of 18.495 in the past 24 hours. But, before you rush to buy LUNA, it is worth looking at the asset’s technicals to see how it is performing.

Thanks to its impressive short-term performance, LUNA is trading above all of its major moving average (MA) metrics – from the 10-day MA of $68.26 to the 200-day MA of $52.89. The asset’s moving average convergence divergence also stands very positive, so you can buy LUNA right now comfortable.

Taken from its last major high, LUNA’s 23.6% Fibonacci retracement level stands at $89.01. The asset already cleared this resistance, so it seems like it’s all upside from here.

However, it is worth noting that the coin’s relative strength index (RSI) is 72.93. This means that LUNA has cleared the overbought level, and you might want to watch its performance more closely in the short term.

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