Terra [LUNA] leads the altcoin pack as it soars to 18% in 7 days

As major cryptocurrencies started to slowly recover from the covid induced blow, lesser-known altcoins such as Terra [LUNA] defied the sustained bearish momentum in the broader market. The asset price appreciated by 18.10% in a span of a week and is short by a mere 7% from its established peak on 8th November this year.

At the time of writing, the asset is changing hands at $48.01 with a 24-hour trading volume of $1.68 billion. Its market cap was found to be at $18.83 billion. The 13th ranked cryptocurrency rose by 5.42% in the daily hours.

Terra [LUNA] Daily Chart

As gauged from the above 1-day price chart, the Bollinger Bands [BB] does not depict any volatility in the coin market. The MACD suffered a bearish crossover on 28th November before bouncing back up and exhibiting a bullish signal. On the other hand, the Klinger Oscillator [KO] is confirming the bullish narrative.

Terra [LUNA] 4-hour Chart

In the 4-hour chart, the Awesome Oscillator [AO] is aligning with the bulls. The Chaikin Money Flow [CMF] rising above the zero line is projecting strong capital inflows in the market. In terms of the trading activity, the Relative Strength Index [RSI] indicator climbing above the 70 mark is depicting overbought conditions.

Terra, the firm behind the native token was launched in April 2019 by South Korean duo Daniel Shin and Do Kwon. Its LUNA token is used to maintain the price stability of its ‘stable-coins pegged to USD/EUR, similar to Tether’s usage of the US Dollar as a peg to build the USDT cryptocurrency.

Apart from that, the platform has witnessed the deployment of a wide catalog of decentralized finance or DeFi projects. Other products include a protocol for synthetic assets that follow real-world stocks called “Mirror,” a yield protocol dubbed “Pylon,” and a savings platform called “Anchor.” Overall, the Terra ecosystem is an expanding pool of diverse crypto financial products.

Lipika Deka: Lipika is a crypto-journalist at TWJ. A graduate in economics and finance, she has a keen interest in the political and socio-economic facets of blockchain technology and the cryptocurrency industry.