Terra is a decentralized financial payment network that uses blockchain technology to reimagine the traditional payment stack. The Terra platform’s reserve currency, Luna, has gained more than 20% in the last 24 hours and nearly 70% in the last seven days. People’s increased interest in stable coins is one of the primary causes for this growth.
Divergence Digital Currency Fund and Huobi Capital, among others, helped the company raise more than $150 million recently.
The market mood for Terra Luna currency appears to be very bullish, despite the fact that it is down 49% from its all-time high of $22.36 in mid-March.
The LUNA crew has been working hard and has been very busy, according to the project’s Twitter feed, especially around June. The number of initiatives on Terra is rapidly expanding. According to a Twitter thread, there are already about 70 projects on the platform with a lot of potentials, including Mirror Protocol.
At the time of writing, Terra is trading at $12.22, up 7% in the last hour. The day got off to a strong start. The cryptocurrency’s price has risen by 20% in the last twenty-four hours, one of the largest gains among the top hundred.
The first big resistance level is around $12.60, followed by 12.98 and $13.50 if the bullish rise continues. On the downside, the initial support level comes in at $11.70, followed by $11.18 and $10.80.
Crypto Kaleo, a well-known and popular analyst, is quite enthusiastic about this coin, had already predicted a double-digit price for LUNA.
He also predicts that the LUNA/BTC pair would soar in value.