There were some notable hard climbers today. One of the fastest gainer is the crypto Terra (LUNA). This cryptocurrency managed to rise by about 10% in 24 hours. The past seven days, LUNA has also achieved a wonderful result. The cryptocurrency rose by 30% during that period.
Bitcoin (BTC) has made a nice recovery over the past few days. The number 1 cryptocurrency rose from a local low of $53,200 to $58,800. Despite this increase, bitcoin is now lower again at $56,700. This decline has given altcoins room to gain some ground.
What is Terra (LUNA)
Terra is a blockchain network that focuses on creating stablecoins. The network was created using Cosmos SDK. Any Terra stablecoin can be converted into its native token, LUNA. In this way, the network prevents the stablecoins from being held stable based on fiat or over-collateralized crypto as reserves.
With LUNA, users can pay their fees, strike or participate in governance. In addition, with LUNA its stablecoins are pegged or kept stable.
LUNA Cripto Technical Analysis
LUNA has gone very fast in recent months. In the months of July and August, the coin saw parabolic gains. Momentum decreased somewhat from September, but the coin still managed to rise nicely. New higher highs and higher lows were set all the time. This is an indication that LUNA was trading in an upward channel.
This pattern appears to be continuing. The price has broken through the 54 USD resistance, which was the previous local spike. It will be noted whether the coin will also make a higher local bottom after this. If this is the case, the uptrend channel may continue. For now, LUNA looks very bullish!
