The Terra price has held relatively well during the ongoing cryptocurrency sell-off. LUNA, its native token, is trading at $81.31, which is about 30% above the lowest level this year. It is just a few points below its all-time high of above $100.
Terra has had a spectacular growth in the past few months. The coin’s price has jumped by over 2050% from its lowest level in June last year. This trend has pushed its total market capitalization to more than $29 billion, making it the 9th biggest coin in the world.
At the same time, DeFi apps built in its network have done well. Today, data compiled by DeFi Llama shows that these apps have a total value locked (TVL) of over $18 billion. This makes it the second-biggest platform in the world after Ethereum. It is even bigger than Binance Smart Chain, which is another popular platform.
As if that is not enough, TerraUSD is now the 19th biggest cryptocurrency in the world. It is a stablecoin that has a total market cap of over $10 billion.
Therefore, the strong performance of Terra is mostly because of the overall expectation that the coin will keep doing well in the future.
Terra price prediction
The daily chart below shows that the LUNA price has done relatively well in the past few months. A closer look shows that the coin has remained above the 100-day moving average since July last year. It has also remained above the 50-day EMA level for the most part. The coin is currently slightly above the 50-day moving average while the MACD has continued its bullish trend.
Therefore, there is a likelihood that the Terra price will keep rising as bulls target the key resistance level at $100. This price is about 25% above the current level. On the flip side, a drop below the support at $75 will invalidate this view.