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Will Terra Luna (LUNA) Break $100 Today?

 


In a previous prediction, we looked at the Terra blockchain and analyzed the Terra LUNA token. We also talked about important course goals that can be achieved. Today the Terra LUNA course has reached exactly the areas previously described. Our proposed trade setup is deep in the green and has already yielded more than 34% returns. What's next? Will Terra LUNA Price Reach $100? More on that in this article


Why should I buy Terra Luna now?

Terra currently has four tradable tokens on its blockchain. Terra LUNA gives staking rights and is used for the protocol's stability mechanism. The following four stablecoins are available:


TerraUSD (UST): is pegged to the US Dollar

TerraKRW (KRT): pegged to the South Korean Won

TerraMNT (MNT): coupled to the Mongolian Tugrik

TerraSDR (SDT): pegged to the International Monetary Fund's XDR unit of account (Special Drawing Right, a basket of foreign exchange currencies held by the IMF, abbreviated XDR)

The presence of XDR in the stablecoin offering is a solid must as it is a very stable image. As such, Terra plans to add many other currencies in the future, such as tokens linked to the euro, yuan, and yen. Terra Stakers have the ability to vote on and recommend new Terra Currencies and reject existing Terra Currencies. With the introduction of new currencies and expansion across countries, Terra represents a very interesting opportunity with a solid white paper.


The price has always been in an uptrend

If we take a close look at Terra LUNA's price action, we can clearly see that prices have always been in an uptrend. Despite the severe crypto market crash that took place in December 2021, LUNA seemed to decouple from the crypto market. It's very rare to find an altcoin that doesn't follow the general trend of the cryptocurrency market. Terra LUNA is proving to be a good hedge against the crypto market, particularly Bitcoin's sharp price fluctuations.

LUNA is actually down more than 50% earlier in the year. However, this was part of a correction to get back to the average uptrend line seen in Figure 1 above.


Will Terra LUNA reach $100?

Of course, after such a rally, the price should reach the psychologically important $100 level. On the other hand, this should not be a sign that you should buy Terra LUNA at this price. Looking at Figure 2 below, it is clear that prices are somewhat overbought. It would be risky to buy at such a high price given that the previous week was largely bullish with no signs of a correction.


LUNA/USD 1-day chart shows: Terra LUNA is overbought

How do I find a time to buy Terra Luna?

Short breathers are very important for any asset, especially cryptocurrencies. If prices continue to surge higher, expect a harsh correction to follow. In the case of Terra LUNA, in Figure 3, we can expect prices to move towards the psychologically important $80 area as a first step, as the price has previously consolidated in this region.


Worst case scenario, expect a more severe correction that would wipe out most of the gains. This correction could reach the upper parallel trend line.


LUNA/USD 1-day chart showing LUNA's possible retracement areas

Once the correction has taken place, it would be a good idea to buy Terra LUNA around these symbolically important price areas. It remains to be seen what happens to the price next as a break of $110 could elevate the levels mentioned above. For this reason, it is always important to monitor the markets.

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