Terra’s LUNA remains in green even after the slight losses following its previous massive rallies. The altcoin is among today’s gainers after surging 13% over the past day. While writing this report, LUNA/USD trades near $13.84.
The Terra protocol supports TerraUSD, a stablecoin that sees upside moves regardless of the prevailing weakness in the cryptocurrency space. The overall market sees gradual losses after Bitcoin failed to overpower the $40K levels.
Terra has registered massive bullish trends over the past sessions due to increased adoption by various projects and partners.
Moreover, the network has worked on upgrading its platform with lucrative features. Recently, Terra declared adding Ether crypto to its protocol. That would allow its users to access Ethereum services on the network. With its many use cases, LUNA managed to beat other stablecoins.
Remember, the altcoin has been in the market for around three years. For instance, users can utilize its Mirror protocol to trace real-world properties by generating their tokens. Meanwhile, the Anchor protocol facilitates saving and lending capabilities.
The unique tokenomics by Terra indicates a more promising future than what the competitors have. Tokenomics is the mechanism that the platform uses to ensure the token’s stable value.
Banning each UST minted on Terra’s platform necessitates LUNA supply. That helps to maintain UST’s value and put LUNA in the limelight to attract more investors.
Also, LUNA seems to enjoy support from the analysis shared recently by a crypto trader and influencer, Michael van Poppe. The investor is highly bullish about his LUNA’s future forecast. However, he warned about a probable dip before the market regains enough upward momentum in the coming sessions.
Watch These Levels
According to LUNA/USD’s four-hour price chart, the MACD indicator and buying averages exhibit a massive bullish outlook. Also, the momentum indicator and stochastic do not show any selling pressure.
At the moment, LUNA holds over the pivot at $10.73. That way, the coin remains over its initial resistance at $13.41. Buyers might face increased resistance around $14.86 and $18.99 before LUNA rises over the critical level at $20.
Stay tuned for more crypto market updates.