Terra’s LUNA has continued to rise sharply and all eyes are on its price action to see if it can make a new ATH soon, past the $ 78 level, increasing Terra DeFi eco adoption and boosting its stablecoin UST interest. At the time of writing, LUNA / USD is trading at $ 74.74.
The Terra blockchain native symbol is one of the few coins in the crypto market as leaders battle Bitcoin and Ethereum in key stages to post weekly profits. The LUNA Coin helps stabilize the stable currency in the blockchain network, especially Terra USD, which is in high demand among DeFi users. The high demand for UST is causing LUNA tokens to burn because algorithms work to maintain a stable coin value. Higher combustion rates, in turn, increase the value of the LUNA coin.
According to data from Defi Lama, one of the major developments in support of the departure of LUNA, Terra is the second largest ecosystem to support Defi projects, second only to Behemoth Ethereum. Currently, there are only 13 DeFi protocols in the network, with Terra preferring less than $ 17 billion over DeFi TVL, which is more than Binance Smart Chain in third place and supporting 222 protocols with more than $ 16.5 billion on TVL. Even other potential Ethereum killers Solana and Avalanche, both supporting further projects in this area, have not been able to record the strong growth seen in recent days on TVL Terra.
Terra’s LUNA has seen prices rise in H2 2022, rising to $ 10-11 after August and reaching over $ 78 earlier this month. It has given investors more than 14,000% of its value over the past year, making it one of the highest performing altcoins in 2021. More DeFi users have switched to UST coins.
LUNA tokens have seen inflation in recent weeks following the Columbus-5 upgrade to Terra, since the community voted to increase the amount of burn. Under the $ 50,000 mark, the Bitcoin slide is weakening as the crypto market weakens and the community has decided to burn an estimated $ 4-5 billion LUNA.
LUNA / USD Technical Analysis
Terra LUNA is showing signs of “majesty” after a month-long green trading session, according to ዡ Sue, chief executive of the leading cryptoto hedge fund Tri Arrow Capital. Especially considering the recent performance of the LNA simulation, he hopes that now is not the time to panic about the vast crypto sector.
In the LUNA / USD 4-hour chart, most moving averages and MACD indicate bullying bias. On the other hand, the speed indicator shows that some sellers are also in the market.
Terra’s LUNA holds $ 69.74 above the pillar point and buyers have a price to go beyond the current ATH and a new high. The next level of interest is the highest ever of $ 78 and only the immediate resistance of $ 87.43.