Terra (LUNA), has reached a new all-time record of $109 despite its latest developments. The market sentiments have remained positive over the last 24 hours with Bitcoin trading at close to $48k. LUNA happens to be one of Terra’s native tokens, Terra network helps create customised blockchains and decentralised applications on its network.
Recently, Luna Foundation Group (LFG), a Singapore based non-profit organisation has purchased $3 Billion worth of Bitcoin which would act as an additional layer of security to Terra’s decentralised stablecoin, UST. Terra (LUNA), a non-profit organization based in Singapore, secured a 12% rise over the week. The coin also broke the $108 resistance mark within 24 hours.
Terra Price Analysis: Four Hour Chart
Terra (LUNA), which had just reached a new all-time high of $109 only 24 hours ago, was now exchanging hands at $108.47. There was immediate resistance at $110 and $112 for the coin, respectively. If there is a pullback the price could drop to $103, $100, and $95, respectively.
The altcoin’s ROI has been 18% over the last month. Terra’s trading volume (LUNA), which was growing in recent trading sessions, was closing in green in its last session. This indicated bullish momentum. This also indicates that sellers outnumbered buyers at the time this article was written.
Time To Be Fearful?| Time To Be Fearful? Bitcoin Index reaches its highest point since peak
Technical Analysis
LUNA has experienced an impressive growth in the past month. Technicals still point toward bullishness. It is uncertain if LUNA would experience a correction during the current trading sessions. The Relative Strength Index showed that the coin was showing overbought tendencies at an all time high.
RSI was hovering around the overvalued/overbought area at the time this article was written. The coin experienced a small drop in buying pressure during the previous trading sessions. If the current buying momentum continues, the coin could once again trade at the $109 or $110 price marks.
Chaikin money flow also correlated with Relative Strength Index, as capital inflows had been quite high. A high level of capital inflows was a sign that the charts are bullish.
LUNA was on a steady rise for the last week and a quarter, and price momentum was still in favor of the bulls. MACD indicates the current price momentum. LUNA saw a bullish crossover at the end of trading sessions. MACD was also in line with major indicators, and continues to show bullishness.
MACD continued to show green histograms after the bullish divergence. However, these green histograms began declining at press time. It is however too early to say if LUNA would display a fall in prices going by MACD’s reading.
Why VeChain May Run Out Of Fuel After 90% Rally| Why VeChain May Run Out Of Fuel After 90% Rally