The Terra price has been in a strong upward trend in the past few months. Luna price is trading at an all-time high of $17.45, which is 6,100% above its lowest level in 2020. It has jumped by more than 2,600% this year, pushing its market cap to more than $6.9 billion.
What is Terra? Terra is a fast-growing blockchain project that incorporates payments and smart contracts. Luna is the native token that powers this ecosystem. In general, the Terra ecosystem is made up of the Mirror Protocol that helps in creating synthetic assets.
It also has the Anchor Protocol that creates a high-yield savings protocol. CHAI is a payment product that is widely used in South Korea. Other products are BuzLink and MemePay. In its white paper, Terra says:
“We propose a cryptocurrency, Terra, which is both price-stable and growth-driven. It achieves price-stability via an elastic money supply, enabled by stable mining incentives. It also uses seigniorage created by its minting operations as transaction stimulus, thereby facilitating adoption.”
Terra price prediction
The four-hour chart below shows the remarkable path that Terra has grown to become one of the most valuable digital coin projects in the world. While this growth is due to demand, we cannot rule out the fear of missing out by traders.
LUNA price is now slightly below the upper side of the ascending trendline that is shown in black. The uptrend is also being supported by the 25-day and 15-day moving averages. It is also substantially above the lower side of the ascending channel.
Therefore, while the overall trend of Terra price is bullish, at this point, we cannot rule out another pullback as traders start taking profit. If this happens, the key point to watch is at the lower side of the channel at $13.22.
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LUNA price chart
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