The Terra price is the new kid on the block. LUNA’s upward momentum continued as its price jumped to an all-time high of $33.60. This means that the coin has risen by more than 231% this month and by more 740% from its lowest level this year. This rally has propelled the coin’s total market capitalization to more than $13.3 billion and its ranking to 12.
Terra and the altcoin season
Terra has become the poster child of the ongoing altcoin season as its price upward momentum has seen no end. The coin rally happened as the other altcoins like Ethereum, Cardano, and Solana jumped. As this happened, the fear of missing out (FOMO) set in, pushing more traders to buy the coin.
This is evidenced by the coin’s remarkable volume. Historical data shows that the overall volume for the Terra Luna coin jumped by more than 69% in the past 24 hours. In total, the volume of the cryptocurrency traded has jumped to more than $1.5 billion while the volume to market cap has risen 0.1135.
At the same time, more people are searching about Terra in search engines like Google and Bing. They are also searching for the coin in key social media platforms like Twitter and StockTwits.
Fundamentally, there have been no major news events about Luna recently. The most recent event is the fact that Terra has accelerated its burning program that has burned Terra worth more than $185 million out of the market. So, what next for Luna prices?
Terra price prediction
The four-hour chart shows that the LUNA price has been in an unstoppable bull run recently. Along the way, the coin’s price has constantly moved above key resistance levels at $20, $25, and $30. As a result, the coin has managed to move above all moving averages while key oscillators like the Relative Strength Index (RSI) and MACD have been in a strong upward trend.
Therefore, while the overall bullish trend to $40 will likely continue, it is not illogical to predict that a short pullback will happen. Besides, bulls who have benefited substantially from the recent rally will start to liquidate. Still, in the longer term, the overall view is bullish.