Terra Up 9.54% – Time To Buy LUNA Coin?
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In a market where major crypto assets are trading in the red zone, investors are in a last-minute rush to buy LUNA. Terra LUNA is currently trading in the green zone, and the digital asset is also on the list of top gainers in the last 24 hours.
LUNA Hits New Record Highs
At press time, LUNA is trading at $62.79, up 9.54% in the last 24 hours. The 12th ranked cryptocurrency has gained an impressive 57.29% in 7 days on the weekly gains.
The digital asset has also been on a bullish run in the last month, up 40.11%. In the last year, LUNA has enjoyed an astonishing price gain of 12342.81%.
The Ethereum-powered token has also soared up north by an amazing 9464.222% year-to-date (YTD). Terra’s native staking and governance asset enjoys a market dominance of 1.01% of the $2.61 trillion crypto market with a market capitalisation of over $24.4 billion, up 9.54% in the last 24 hours. The 24-hour trading volume of the asset stands at over $2.5 billion, up 3.11%.
LUNA set a new all-time high record of $64.87 a few hours ago, and it is still on a bullish run. From all indications, the asset will surpass its new ATH in no distant time.
Technical and Fundamental Analysis of LUNA
LUNA is currently on a fantastic run and is trading above the 20-day moving average (MA) support price of $47.76. The 200-day support price of $25.60 further corroborates that the digital asset is on a bullish run.
The relative strength index (RSI) figure of 68.96 shows that the ERC-20 token is trading in the under-bought region. This impressive run presents investors with the best opportunity to buy LUNA.
The altcoin’s moving average convergence divergence (MACD) shows the blue trendline indicator soaring over the orange indicator line, pointing to a buy signal.
On fundamentals, the recent burning of some LUNA tokens might have been responsible for this current uptrend that the digital asset is enjoying. About $7.2 million worth of LUNA tokens have been burned in the last five days.
The burning of cryptocurrency tokens is a process whereby some units of a crypto asset are removed from circulation permanently in a bid to drive up the price. Many crypto assets have also seen a price gain after a token burn.
In another development, there is a new proposal that will increase the liquidity of Terra (UST) powered by LUNA.
This follows an agreement between CurveFinance and LUNA via a 6-month plan to see LUNA being used to pay incentives to holders of Tokemax and others.
This proposal’s main aim is to enhance further the use of $UST across the blockchain networks. This project is aimed at pushing large-scale adoption of the stable coin, $UST.
About $3 million worth of LUNA will be used as an incentive for providers of liquidity.
LUNA has also been able to secure cross-chain bridge transfers of $UST between Terra and Fantom. These transfers powered by AnyswapNetwork allow users to easily and quickly exchange digital assets across these two blockchains.
It is also worthy of note that LUNA is in support of climate change and greener earth. The network is raising funds in $UST in partnership with Anchor Protocol to deliver compounding yield in perpetuity, which will help fund the ‘Restore Earth’ campaign.
LUNA is definitely on course to break resistance and set a new all-time high with all these innovations, making this a good time to buy LUNA.
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