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Terra Crypto: Can LUNA Ascend To New Heights From Current Base?

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Terra is a blockchain protocol that uses algorithmic stablecoins and creates a decentralized financial infrastructure. 

With Terra, users can earn interest on stablecoins, spend crypto easily with merchants, and replace most of their banking needs with one seamless DeFi protocol. 

Terra crypto is a continuation of Terra Classic, which was abandoned when the UST stablecoin failed. 

Moreover, Terra does not have the UST stablecoin, but it retains the LUNA community, also known as “LUNAtics”. 

Also, it retains the high-quality UX and UI that made Terra Classic one of the top protocols in terms of the total value locked (TVL). Many dApps have decided to move to Terra to keep their functionality.

The Terra crypto was created in January 2018 by Daniel Shin and Do Kwon. They had the vision of making blockchain technology and cryptocurrency more accessible and stable for users. Kwon became the CEO of Terraform Labs, the company that developed Terra.

Before working on the Terra crypto, Shin was the co-founder and leader of Ticket Monster or TMON — a big South Korean e-commerce platform. 

He also co-built Fast Track Asia, a newly introduced startup incubator that helped entrepreneurs create successful companies.

Kwon had experience as the founder and CEO of Anyfi, a startup that offered decentralized wireless mesh networking solutions. He also worked as a software engineer for Microsoft and Apple.

When Terra Classic tumbled, Do Kwon came up with a great idea for a recovery plan that succeeded in the hard fork of Terra Classic and Terra. 

He faced criticism for his plans from Binance founder Changpeng Zhao and Vitalik Buterin, as well as from distressed UST investors. His proposal was approved by the community and Terra Classic split into its new Terra blockchain on May 27, 2022.

The Terra crypto blockchain is protected by a proof-of-stake consensus algorithm based on Tendermint, in which LUNA token holders stake their tokens as security to verify transactions and receive rewards according to the amount of LUNA staked. 

Terra will encourage network security by providing staking rewards of 7% annual inflation. That is to match the interest of validators with the long-term success of the Terra ecosystem.

Can Terra (LUNA) Crypto Bounce from the Current Base?

Can Terra (LUNA) Crypto Bounce from the Current Base
Source: LUNA/USD: KRAKEN.1.D. by TradingView

The Terra crypto has demonstrated a sign of a possible recovery because the price trying to sustain a critical level of around $0.00015000 on the charts

It looks like on the LUNA coin chart, the crypto is going to be geared up soon for a remarkable rally, as it mobilizes force to overcome the resistance level. 

If the price succeeds in breaking the trendline, LUNA could ascend to new elevations from the current support zone.

Furthermore, the technical trend analyzing tools highlight that the LUNA crypto is exhibiting bullish strength and rising capacity as it holds above major EMA’s.

The LUNA coin is exhibiting bullish strength and the RSI is above 50, implying that the asset is still in positive territory and can push further up.

The Terra crypto asset is showing bullish signs and has the potential to grow further. It has performed well in the past month, and quarter, by 102.75% and 186.52% respectively, indicating a strong uptrend.

The LUNA coin is trading with an intraday gain of 1.13%, and currently trading at $0.0001677.

Therefore, if the demand for the LUNA coin remains high, the asset price could bounce back from the current level. The next goal for the LUNA price is to reach $0.00020000.

However, if the Terra crypto price fails to stay above the $0.00010000 level, it could decline further.

Terra crypto price
Source: LUNA/USD: KRAKEN.1.D. by TradingView

Summary

The Terra crypto has demonstrated a sign of a possible recovery as the price trying to sustain a critical level of around $0.00015000 on the charts.

It looks like on the LUNA coin chart, the crypto is going to be geared up soon for a remarkable rally, as it mobilizes force to overcome the resistance level. 

If the price succeeds in breaking the trendline, LUNA could ascend to new elevations from the current support zone.

Technical Levels

Support Levels: $0.00010000

Resistance Levels: $0.00020000

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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