Terra Coin Price Balloons 30% – But Can LUNA Reach Higher Terrain?
13 Ottobre 2022 - 4:25PM
NEWSBTC
Terra (LUNA) woke up to a good day on Wednesday as the token made
an impressive 30% jump in its price on the way to tallying a high
of $3.08. Terra accounted for 25.06% of the entire token holdings
among the top 100 ETH whales LUNA price surged by 30% today and hit
$3.08 Bullish momentum is possible and trading price might reach
$3.25 The crypto, though, immediately experienced price correction
as it is trading at $2.69 at press time according to tracking from
Coingecko. Still, Terra is looking at a 5.5% increase for the past
seven days and a higher jump of 7.4% for the past two weeks. It is
still miles away from its all-time high of $18.87 attained in March
28 of this year, losing 85.6% of that value. The good news is that
it is currently up by 77.6% of from its all-time low of $1.53 hit
on August 29, 2022. Related Reading: Why ApeCoin Traders Should
Expect The Next Coming Days To Be Tough For APE Terra Surges As It
Flips Lido Staked ETH Tokens According to online crypto information
source WhaleStats, Terra became the top holding by dollars of the
top 100 Ethereum whales, accounting for 25.06% of all token
holdings. In doing so, LUNA was able to edge out Lido staked ETH
(stETH) tokens and even surpassed USDC and USDT holdings of the
whales. In total, Ethereum whales included in the top 100 held
around $820 million worth of Terra digital coin. The wormhole
interoperability protocol asset was then leveraged by the Ethereum
whales to exit liquidity, causing the unprecedented rally that
pushed LUNA price to grow by 30%. Terra also witnessed a 150%
increase in its trading volumes for the past hours, contributing to
the bullish rally the digital asset made. Terra Price Action At A
Glance While the Terra coin price ballooned by 30%, it still
remains to be seen if LUNA can reach higher terrain during this
time when crypto market is looking at high level of uncertainties
among market participants. It can be recalled that during the
period of September 10 to 26, there was a massive sell-off
involving the altcoin, driving its price all the way down to the $2
psychological support marker. This led to the formation of a
pennant pattern for Terra, indicating a continuance of the bearish
momentum it was in before this recent price surge. But all is not
lost for LUNA, as there is a slight chance that the token will
break the overhead trendline. If that happens, just like today,
Terra might end up in an upward trend, going as high as 20% to hit
$3.25. As for its intraday performance, the altcoin is in a bullish
trend but volatility remains high. Related Reading: Huobi Token
Spikes Nearly 30% In Last 24 Hours As HT Seen Rising On Revival
Plans Crypto total market cap at $853 billion on the daily chart |
Featured image from CafeF, Source: TradingView.com Disclaimer: The
analysis represents the author's personal views and should not be
construed as investment advice.
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