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.
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