9th December 2021 | ZebPay Trade-Desk
Terra (LUNA) is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. As of September 2021, the network has stablecoins pegged to the U.S. dollar, South Korean won, Mongolian tugrik, and the IMF’s Special Drawing Rights basket of currencies, and intends to diversify their offerings even more over time. Terra (LUNA) has a market capitalization of $28bn and is ranked 10th.
At the time of writing, Luna is trading at $73.65.
Luna was consolidating and was trading in a range from $44 to $38. Last week, the asset gave a breakout on the upside and surged almost 75% making the high of $78.29. Technically, on a daily time frame, Luna is making a ‘Flag’ pattern (continuous pattern). Once the breakout occurs above the recent top with good volumes then we can expect the asset to further rally up to $100 mark. The rising moving averages and the relative strength index (RSI) in the positive territory indicate that buyers have the upper hand.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
Disclaimer : This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum etc.are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice