The LUNA price correction lagged compared to the entire crypto market. Despite reaching the first target, prices corrected heavily. However, targets are still set on the horizon. Can LUNA prices correct further lower? Or is the correction already over? Let’s analyze in this article the Terra Luna price!
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What is Terra 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.
Is Terra Luna a Good Investment in 2022?
The Terra blockchain managed to garner a lot of attention thanks to its token LUNA that exploded in prices recently. If we zoom out to the daily chart, we can see the astronomical increase in LUNA prices from a mere $0.20 all the way to the current $50, making a +2,450% return over 2 years.
With the current price adjustment, it might be a good idea to place LUNA on your crypto radar.
Luna Price Reaches GoldenPocket – is the Correction Over?
The Terra Luna course was able to reach the GoldenPocket last week and found buyers directly there. This week got off to a bullish start. If the GoldenPocket holds what we think it will, we expect the Terra Luna price to rally to around $100 in the near future. That’s where the next higher level of resistance is. We also don’t think it’s unlikely that the price will break the $100 resistance to make a new all-time high!
Will LUNA reach $100?
Terra LUNA price must break the $54 resistance for the price to rally back to $100. We see this move very likely as the price formed an inverted head and shoulders formation. This formation is a trend reversal formation, which causes prices to rise. The neckline lies at $53, as does horizontal resistance. Since this formation has a high chance of success, we assume that it will rise in the near future.
On the other hand, this does not prevent prices to slide a little lower towards $45-$48 as part of a market correction.
Where to Buy Terra Luna Crypto?
There are many exchanges that list LUNA as a tradable token on their platform. When purchasing a cryptocurrency from an exchange, it is always important to pick a reputable one. In fact, we recommend using Binance to buy LUNA, as it’s a very easy way to do so. On that exchange, you can buy, sell or even hold your LUNA tokens. Also, you can send your tokens to your private wallet if need be.
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