The crypto market managed to retrace slightly after the huge crash that occurred yesterday. All cryptocurrencies with no exception lost more than 10% in the past 2 days. Today, on the other hand, all tokens seem to have retraced a bit higher. The crypto market as a whole gained around 6.63%, softening the impact of the crash. Surprisingly, Terra Luna crypto boomed by more than 30% in the past 24 hours, making it take a spot in the top 10 list of the biggest tokens by market capitalization. In this article, we’ll cover some technical analysis and look into LUNA prices.
What is Terra Luna Crypto?
Terra is a blockchain protocol that used stablecoins to enable price stability in global payment networks. In fact, they claim to combine price stability and fiat currencies by enabling Bitcoin (BTC), thus offering cheap settlements. Volatility was a highly discussed topic in the cryptocurrency realm. It is one of the main reasons that made investors fear owning cryptos. Terra seeks to change that, by using fiat-pegged stablecoins. They would keep a “one stablecoin to one fiat” peg through a proprietary algorithm that automatically adjusts stablecoin supply based on its demand. This is feasible thanks to their token LUNA, which provides liquidity, price stability, and is easily swappable to other stablecoin at profitable exchange rates.
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Why is Terra LUNA up?
The Terra project recently updated its infrastructure and pushed updates to its protocol. The updates tackled how users reported their taxes in compliance with international standards. This would definitely add another layer of comfort to users and investors. Many analysts are optimistic about Terra, being able to provide price stability and a strong contender in cross-border payments in a highly volatile crypto environment.
On the other hand, Terra is facing some debacles with the SEC similar to Ripple. The SEC claims that Terra is selling unregistered securities, whereas Terra claims that this is not the case and cryptos can’t be considered as such.
LUNA Price Prediction – Where can LUNA prices go?
In the past 24 hours, LUNA prices soared by more than 30%. This price jump broke the upper parallel uptrend channel and recorded a new all-time high price of USD 85. On the other hand, we can definitely expect an adjustment in the short term, specifically back to the USD 60 area.
In figure 1, we can clearly see how prices became overbought, and potential profit-taking might occur anytime soon. It is advisable to wait for a better entry and Buy LUNA at lower prices. Professional traders time their entries and wait patiently without following any hype. When it is too late to buy in, we shouldn’t even consider buying.
The Crypto Market at a Glance
In the past 24 hours, most cryptocurrencies saw an adjustment upwards following the heavy crash. LUNA was the top performer with a 30% price jump. GALA and LPT came in after with highs of 28% and 23% respectively.
1- Bitcoin (BTC) : + 3.36 %
2- Ether (ETH) : + 6.10 %
3- Binance Coin (BNB): + 6.63 %
4- Tether (USDT) : 0 %
5- Solana (SOL) : + 1.94 %
6- Cardano (ADA) : + 0.95 %
7- USD Coin (USDC) : + 0 %
8- Ripple (XRP) : + 8.82 %
9- TERRA (LUNA): + 30.6 %
10- Polkadot (DOT) : + 0.81 %
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