Terra Price Up BY 11.21% – Time To Buy LUNA Coin?
- Terra is making great strides to establish a strong bullish run amidst the global crypto market decline, a signal for investors to buy LUNA
- Terra to invest $139 million in DeFi projects to improve UST use cases
- Saber Debuts LUNA_LUNA pool with Allbridge
The Terra governance token is on a winning streak, with the asset’s price experiencing an 11.21% increase in the last 24 hours. At the time of writing, LUNA is trading at $82.89. The 24-hour trading volume of the token is up 34.09% to $2.65 billion. This recent upswing has investors looking to buy LUNA.
Despite the shaky nature of the global crypto market at the start of the year, Terra is outperforming major assets in the global crypto market.
Terra surpassed Binance Smart Chain’s TVL in late December, a remarkable achievement given that Binance’s native token BNB has a market valuation of $85 billion, approximately three times that of LUNA.
Terra is a public blockchain technology that uses a set of algorithmic decentralised stablecoins to support a vibrant ecosystem that makes DeFi accessible to the public.
The Terra protocol’s native staking token, Luna, absorbs Terra’s price fluctuation. Luna is used for mining and governance.
Validators record and validate transactions on the blockchain in return for transaction fees, and users stake Luna to them. The more Terra is utilised, the higher Luna’s value becomes.
Terra to invest $139 million in DeFi projects to improve UST use cases
Terra (LUNA), a multi-sector blockchain protocol, has proposed allocating $139 million to five distinct DeFi initiatives spanning Ethereum, Solana, and Polygon to expand UST’s use cases.
On the other hand, the Terra community must approve the plan in a vote of governance participants, which will most likely take place at a later date.
According to the proposal, Terra has chosen a few partner initiatives where it plans to invest up to $50 million to maintain the stability of these protocols. Terra stated that it hopes to add UST use cases to Ethereum DeFi with this step.
Saber Debuts LUNA-LUNA pool with Allbridge
Wrapped LUNA (from Terra) and Wormhole LUNA are now available on Saber, thanks to a partnership with Allbridge. This partnership allows users to immediately deposit their atLUNA from wormhole LUNA and Terra into the pool.
Saber Labs contributes to Saber, Solana’s most popular cross-chain stablecoin exchange. Saber serves as the liquidity backbone for stablecoins, cryptocurrencies whose value is tied to another asset.
It serves as Solana’s primary cross-chain liquidity network, facilitating asset transfers between Solana and other blockchains.
Users deposit cryptocurrency into a Saber liquidity pool to receive passive income through transaction fees, token-based incentives, and eventually automated DeFi methods.
Saber is Solana’s major cross-chain liquidity network, allowing assets to be transferred between the Solana blockchain and other blockchains.
Users put cryptocurrency into a Saber liquidity pool to earn passive income through transaction fees, token-based incentives, and eventually automated DeFi techniques.
Terra Price Analysis: LUNA Running With The Bulls
LUNA is trading above the 20-day Exponential Moving average (EMA) price of $78.8084. The Relative Strength Index (RSI) now stands at 54.35, indicating that the cryptocurrency is neither undervalued nor overbought.
The RSI looks to be moving in a consistent, clear pattern, indicating that Terra’s value is steady.
The 61.8% Fibonacci level serves as a good entry point for investors looking to make a profit when the digital asset’s price surges to the 38.2% Fibonacci level’s price point set at $84.1195.
The Asset’s price is well above the 100-hourly simple moving average (SMA) price peg of $58.32, indicating a strong bullish run for the governance token.
LUNA is also trading above the 50-Hourly simple moving average (SMA) peg set at $72.94. These are all very strong indicators for investors to buy LUNA.
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