- Terra price reached its record high price of $88.90 over the past 24 hours
- Terra became the second largest blockchain for DeFi protocols
- Sell offs expected to trigger reversal if price fails to hold on to current level
Terra price analysis for the day shows price reaching a record high of $88.90 over the past 24 hours. LUNA surged over 8.5 percent as it was reported that the Terra blockchain became the second largest network for Decentralised Finance (DeFi) protocols in terms of total value locked (TVL). The blockchain has locked over $13.2 billion in value, which is only second to that of Ethereum blockchain’s $152 billion locked. The outcome resulted in a massive boost in LUNA price, as it reached its record high price while trading volume dropped over 26 percent to highlight the upturn in the market.
The larger cryptocurrency market showed positive recoveries on the day, led by Bitcoin’s 4 percent rise up to $48,800. Ethereum rose 2 percent to sit just above $4,000, while major Altcoins also showed gains. Ripple increased more than 7 percent to reach $0.93, whereas Solana and Cardano upped 2 percent each. Dogecoin and Litecoin also increased a percent each over the past 24 hours.
LUNA/USD 24-hour chart: Price tops crucial EMAs with rising RSI
On the 24-hour chart for Terra price analysis, exponential increments can be seen being made by the token, with price crossing its crucial 50-day exponential moving average (EMA) over the day’s trade. Price surged over 8 percent to sit at $86.97, with trading volume falling more than 26 percent, highlighting the positive upturn. The relative strength index (RSI) value shows a highly overvalued status at 70.34. Price is expected to continue rising till the resistance point of $88.90 and would present an imperfect buying opportunity over the current trend.
LUNA/USD 4-hour chart: Price set to face resistance at record level of $88.90
The 4-hour chart for the LUNA/USD trade pair shows price facing resistance at the newly set record price of $88.90. Sellers would be expected to come into the market if the current position is compromised, as shown by the overvalued RSI of 71.51. The Moving Average Convergence Divergence (MACD) curve has also shifted below its neutral zone, but stays well above the 0.00 mark, indicating an expected reversal in price. Over the next short-term trading sessions it remains to be seen if price would hold on near the $88.90 mark. Any movement below $82.17 would invalidate the bullish thesis.
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