The Terra price has surged to an all-time high as demand for its Decentralized Finance (DeFi) and its stablecoin rises. LUNA is trading at $80.23, which is its all-time high. It has defied odds by rising in the past seven straight days even as Ethereum and other cryptocurrencies have struggled. Its total market cap has surged to more than $26 billion, making it the 10th biggest cryptocurrency in the world.
Terra is a leading blockchain project that enables people to build decentralized applications. In the past few months, Terra has become relatively successful in achieving its mission. For example, it has become the second-biggest platform used by DeFi developers.
According to DeFi Llama, there are now about 14 DeFi projects built on Terra. While this number is smaller than its peers, the DeFi apps in the network have a total value locked (TVL) of more than $17 billion. This makes it bigger than the Binance Smart Chain (BSc). The biggest apps in the network are Anchor, Lido, Terraswap, and Lido.
At the same time, the LUNA price has risen because of the popularity of the TerraUSD stablecoin UST. The stablecoin has a market capitalization of more than $9 billion.
Terra price prediction
The daily chart shows that the Terra price has been in a strong bullish trend in the past few months. It managed to move above the key resistance level at $78, which was the previous all-time high. The coin has jumped above the 25-day and 50-day moving averages (MA). It has also risen above the ascending channel.
Therefore, the coin will likely keep rising as bulls target the next key resistance at about $100. This view will be invalidated if the price falls below the key support at $53.
