Terra

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LUNA price has shown signs of strength on Thursday with 2% of gains approx. while extending the previous two day’s upside momentum. The broader cryptocurrency market has been treading water for the past few sessions, LUNA has been showing remarkable resilience near the lows. LUNA remains a bright spot for the traders.

Terra’s LUNA bounce back is still under the process, further upside is likely.
A daily close above $82.88 would form the base for a move towards the weekly highs of $90.0.
Downside risk remains intact on the weekly chart with bearish RSI divergence.

LUNA Foundation Guard (LFG) announced support to Terra Ecosystem and Open-source Technology
Singapore-based Luna Foundation Guard (LFG) officially announced its formation and mission objective to support the growth and development of open-source technology, and to facilitate the purpose of a decentralized economy. In doing so, LFG shall receive an initial gift allocation of 50 million LUNA from Terraform Labs (TFL).
Technically speaking, the formation of higher highs and lower lows that begins from the lows of $37.84 ended with gains of 173% on27 Dec after the price peaked at $103.50. This marked the making of the ATH price level. However, LUNA’s price has dropped almost 39% since then after bottoming out at $62.56 and bouncing back to $87.00. Thus, forms the double top formation building pressure on the bulls.
Source: Trading view
LUNA bulls find some respite, as the price trades above the 20 & 50 days SMA. The daily Relative Strength Index (RSI) is at 51 with a bullish crossover. Thus, creating a short-term bullish scenario towards the weekly highs of $90.00. The next upside target seems at the all-time high of $103.50.
The price has been continuously trading above the 50-DMA since December 27, still, the price continues to trade above the significant moving average. The volume dropped more than 25% to $1,681,978,961 in the past 24-hour.
On the other hand, a decisive close below the January 18 lows of $74.03 would risk the downside toward $68.00.
 
The post Terra (LUNA) Price Shows Buying Interest, Sets Eyes On Weekly Highs at $90.0 appeared first on CoinGape.


LUNA price has shown signs of strength on Thursday with 2% of gains approx. while extending the previous two day’s upside momentum. The broader cryptocurrency market has been treading water for the past few sessions, LUNA has been showing remarkable resilience near the lows. LUNA remains a bright...

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Terra (LUNA) Price Shows Buying Interest, Sets Eyes On Weekly Highs at $90.0

The Terra Ecosystem is pushing for major expansion and growth with the latest announcement of the LUNA Foundation Guard (LFG). This is a Singapore-based non-profit with a mission objective to support and sustain the growth of open-source technology.
The primary focus of the LFG will be building reserves and safeguarding the UST peg during volatile market conditions. The second focus will be allocating funds to the Terra ecosystem development. The LUNA Foundation Guard has already secured an initial gift allocation of 50 million LUNA tokens coming from Terraform Labs. Do Kwon, Co-Founder and CEO of Terraform Labs said:
“The LFG mandate to continuously support the peg stability of Terra’s stablecoins and ecosystem development powered by Terra’s best builders offers a new pathway for the growth and sustainability of decentralized money. A decentralized economy needs decentralized money, and LFG provides another nexus of resources to achieve that goal”.
LFG – Bolstering the Terra Economy
As said, the primary focus of LFG will be bolstering the Terra economy. This includes specifically funding Defi projects that have strong demand for Terra’s algorithmic stablecoins while pioneering “the emergence of decentralized money at the base layer of an emerging DeFi technology stack”.
LFG will thus focus on the peg stability and sustainability of Terra’s native stablecoin TerraUSD (UST). The functioning of the LFG shall be overseen by an International Council and will continue to add new builders to the Terra Ecosystem. Speaking of this development, Nicholas Platias, Founder of Chronos Finance said:
LFG’s mission is going to reshape how the industry views algorithmic stablecoins and their long-term sustainability. The LFG offers another lever for closing the demand loop of Terra stablecoins, building a vibrant economy around their usage across Web 3 applications and providing more robust peg defenses during volatility.
Terra’s native stablecoin UST is currently the fourth-largest stablecoin in the market. Terra has achieved this milestone in a very short period of time. Following the news, the LUNA price is up 4% as of writing the story and is currently trading above $81. Terra’s LUNA has registered a strong success making its way into the top-ten crypto list.
The post Terra Ecosystem Announces the LUNA Foundation Guard (LFG) to Boost Growth, LUNA Up 4% appeared first on CoinGape.


The Terra Ecosystem is pushing for major expansion and growth with the latest announcement of the LUNA Foundation Guard (LFG). This is a Singapore-based non-profit with a mission objective to support and sustain the growth of open-source technology. The primary focus of the LFG will be building r...

Terra Ecosystem Announces the LUNA Foundation Guard (LFG) to Boost Growth, LUNA Up 4%

 
Terra’s price falls continue for three sessions after making an interim high of $90.00. The downside risk could be intensified if the weekly support of $65.28 is broken. However, the price could swing in between the range of $$72.0 and $78.0 until the market finds its equilibrium.

Terra price downward momentum slows down in today’s session.
Double bottom support near $62.00 pushes price into upside trajectory.
Higher lows on the daily chart suggest an underlying bullish current in the short term.

Source: Trading view
The Fibonacci extension from the lows of December 13 placed is at $52.49 peaked at a high of $103.50, which is also the 2021 yearly highs. Then price retraced below the 50% Fibonacci retracement level at $66.80. The MACD (Moving Average Convergence Divergence) trades just above the midline with a bearish crossover signifying upcoming downside in the token’s price. The volume rises almost 50% at $2,096,055,881 in the past 24-hours day.
Source: Trading view
On the 4-hour chart, the rounding bottom near the lows of $63.00 and its breakout above the horizontal resistance level of $77.20 on January 12 sees the upside. The token price touched the high of January 16 at $87.85. However, LUNA again lost control and retested the mentioned support level. Now, the Terra price trades near a crucial level, the formation of the “hammer” candlestick pattern is being followed by a green candle. A fresh round of buying would emerge if the next candle rises above today’s session high of $80.24. Volume remains supportive for the turnaround in the price.
Talking about the support of the technical indicators, the RSI and MACD are expected to turn bullish in the coming trading sessions.
On the flip side, the failure to hold the psychological $77 level could immediately fall to the horizontal support level of $68.20. Another favoring condition for the sellers is that the price slipped below the 20-hour SMA.
 
The post Terra (LUNA) Price Seeks Upside Of 10% Near 61.8% Fibonacci Retracement appeared first on CoinGape.


&#160; Terra&#8217;s price falls continue for three sessions after making an interim high of $90.00. The downside risk could be intensified if the weekly support of $65.28 is broken. However, the price could swing in between the range of $$72.0 and $78.0 until the market finds its equilibrium. Te...

Terra (LUNA) Price Seeks Upside Of 10% Near 61.8% Fibonacci Retracement

The Terra (LUNA) coin chart shows an overall uptrend. However, the price is currently in a correction phase which has dropped 31% from the $103.3 All-Time High. As for now, the price is hovering above the 0.382 FIB level($65.3), trying to obtain sufficient demand.
Key technical points: 

The LUNA price shows a morning star pattern at the $66 support
The Stochastic RSI shows a bullish crossover of the K and D line 
The intraday trading volume in the LUNA coin is $2.5 Billion, indicating a 0.1% hike.

Source- Tradingview
The last time when we covered an article on Terra coin, this pair was rallying for the three-digit milestone inside a rising wedge pattern. However, as warned, the price gave a bearish breakdown from this pattern and triggered a strong sell-off in this coin.
Moreover, the recent bloodbath in the crypto market boasted the selling pressure in LUNA Coin and dropped the LUNA price below the $80 support. Thus, the coin price lost around 28% in less than two weeks and plummeted to the 0.382 Fibonacci retracement support($66.1).
For the bullish trend in the LUNA price, the 50 and 100 SMA lines were majorly covering up for the occasional pullbacks. Even though the recent correction has almost knocked out the 50 SMA line, the 100 and 200 SMA still maintain a bullish sentiment.
The Daily-Stochastic RSI has fallen to oversold territory. Furthermore, the K and D lines provide bullish crossovers, suggesting the increasing underlying bullishness in this coin.
LUNA Coin In the 4-hour Time Frame Chart
Source- Tradingview
The LUNA price is currently trading between two important chart levels, i.e., $80 and $66. The crypto traders can consider the area between this level as a No-trading zone. A breakout from either level of this range could determine if the price will recover or extend the correction phase.
The average directional movement index(32) indicated a minor pullback in its bearish momentum due to the price action consolidation near the $66 support. If the price continues to drop lower, the ADX line could show another spike in its chart.

Resistance levels- $80, and $94
Support levels-$66 and $53.6 

The post Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement? appeared first on CoinGape.


The Terra (LUNA) coin chart shows an overall uptrend. However, the price is currently in a correction phase which has dropped 31% from the $103.3 All-Time High. As for now, the price is hovering above the 0.382 FIB level($65.3), trying to obtain sufficient demand. Key technical points:  The LUNA ...

Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?

Rune Christensen, one of the founders of Maker, the decentralized autonomous organization behind the governance of stablecoin DAI, has spoken out against two competitors. He stated that UST, Terra’s dollar-pegged stablecoin, and MIM, another collateralized stablecoin, were “solid ponzis” and that the bear market would eventually lead their prices to zero.
Maker Co-Founder Calls Out Competitors
Rune Christensen, one of the co-founders of the organization behind the creation and development of DAI, a decentralized stablecoin, has called out two competitors. Christensen indicated that he got tired of being nagged by UST and MIM “reply guys” on Twitter, and indicated his opinion about these two relatively new stablecoins, comparing them with DAI. Christensen stated:

Look, UST and MIM are solid ponzis and I respect that. You can make good money off them for sure. But they are not built for resilience and they are going to 0 once the market turns for real.

Christensen elaborated by indicating that DAI was built for resilience while noting that the project is the most trustable when it comes to smart contracts and collateral security. However, UST flipped DAI as the most valuable stablecoin project back in December. Still, DAI is ranked second amongst decentralized stablecoin projects by market capitalization.

Engineered Differently
While MIM, UST, and DAI are all decentralized stablecoins in name, each one of them is engineered differently. While DAI and MIM are collateralized stablecoins — meaning that there are other assets backing their value in case of a selloff — UST is a pure algorithmic stablecoin, whose peg is maintained through arbitrage incentives.
Criticism of these collateralized stablecoins has come from the fact that some of the funds backing the assets are composed of centralized stablecoins. In fact, according to a graphic provided by Christensen, 37.4% of DAI generated is collateralized with USDC. However, Christensen pointed out that MIM also had problems in this regard, hinting at the possibility of it having a higher percentage of its backing based on centralized stablecoins.
The stablecoin sector grew massively last year, with USDT, the biggest stablecoin in the market, going from a $20 billion market cap at the start of 2020, to a near $80 billion capitalization starting in 2021. But decentralized alternatives grew even more, with UST multiplying its market cap by more than 50 times. In the same way, MIM has managed to reach a $4.6 billion capitalization since its inception last September.
What do you think about the Maker co-founder’s statements on UST and DAI? Tell us in the comments section below.



























Rune Christensen, one of the founders of Maker, the decentralized autonomous organization behind the governance of stablecoin DAI, has spoken out against two competitors. He stated that UST, Terra&#x2019;s dollar-pegged stablecoin, and MIM, another collateralized stablecoin, were &#x201C;solid po...

Terra price	$82.44
Low - High 24H	$78.34 - $82.87
Market cap	$29.46B
Volume 24H	$1.72B
All time high	$103.34 -20.10% December 27th 2021
All time low	$0.121798 67692.47% March 18th 2020
Genesis date	N/A

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