LUNA is the native cryptocurrency of the Terra blockchain ecosystem that aims to provide a solution to distantly functioning independent blockchain projects. Any product or technology truly reaches its pinnacle after being accepted by the users on a broader scale.
To this day, there have been numerous crypto projects working on progressive technologies and offering unique advantages to users. However, it’s still not sufficient to have blockchain acceptance on a broader scale.
Terra has launched several stable coins for which LUNA works as a stabilization tool. It allows the holders of LUNA to participate in the governance of Terra blockchain developments and provide a value of exchange tokens if necessary. The phenomenal growth of Terra (LUNA) has allowed it to become the seventh-largest crypto with a liquid market capitalization of $34,890,631,966. Once completely liquidated, Terra will possess a market cap of $73,087,210,290.
December was the peak month of LUNA, although a fall was witnessed across the leading cryptocurrency values. This situation, however, turned into a positive aspect of LUNA, where it marked a massive leap of above 140% between mid-November 2021 to December end 2021. While Terra showcased a growing potential, it also marked $100 as a clear resistance level to watch for future price trends.
LUNA was just as quick to descend to lower levels as it climbed to a peak above $100 in December 2021. The profit booking led LUNA to lose 53% of its value but got strong support from its 200 Days Moving Average.
After retesting the 200 DMA and falling to breach its 200 DMA support, the buying sentiment stabilized, which helped LUNA climb to new highs. Since $100 was a previous resistance for LUNA, it seems the coin will be consolidating for sometime before it can muster enough strength to breach $100 levels.
While the fall from its peak of $100 to currently trading $96 isn’t that steep, its RSI level has dipped by more than 25%. This confirms a broader profit booking in play and demands caution amongst buyers. Based on Terra LUNA coin price prediction, the tendency to trade above $90 is a positive stance that could help LUNA scale to new highs.
The price trend on monthly charts is a pretty clear indicator of a positively moving cryptocurrency that can keep on scaling to new heights considering its strong fundamentals.
LUNA’s price now moved up from $0.64 in January 2021 to more than $90 in March 2022. This spectacular gain has not only incited the buying sentiment on LUNA cryptocurrency but also shows the fallback level of $46. RSI on monthly charts indicates a much stronger stance than weekly and daily charts.