After a weekend with declines, over the previous 24 hours, the cryptocurrency market has seen bullish momentum resurface during the early Asian trading hours. However, it could not sustain for long and the market began to plunge again with Bitcoin Price trading at $41660. Following this major altcoins too dropped.
LUNA Price Analysis
At the time of writing, LUNA price is trading at $69.80 with a 4.57% loss. In the last 24 hours, with moderate volatility, the altcoin traded within the range of $68.57 – $72.99. However, the support lies at $67.5. Treaders can expect the price to drop to $67.5 and consolidate from this level.
LUNA/ BTC Has been Bullish lately with a Little bit of Correction of Course. The Trend Line (White line) Is Still Reliable Since The Price has Done a Pullback From There. There is also a Hidden Bullish Divergence (+HD) On MACD & RSI which Suggests a Good Bullish which would Start Soon! The Resistance For LUNABTC is Shown For you. If The Price Manages To break this Resistance, We Can Be Sure of a Great Bullish Movements afterward, But For now The Price is Expected To Reach The Resistance.
Terra (LUNA) Has Room To Rise
A crypto analyst and DeFi educator, by the name @Route2FI, believes that the Terra blockchain’s LUNA coin is undervalued and discusses its most fascinating protocols. The analyst believes the LUNA price has room to rise but admits that his opinion may be skewed owing to his personal enthusiasm for the Terra ecosystem.
He displayed Terra’s family’s most intriguing protocols. The first is Anchor Protocol, which allows users to stake UST, Terra’s dollar-pegged stablecoin with a whopping 19.5 percent annual percentage yield.
Aside from staking for passive revenue, bETH and bLUNA can be borrowed with Ether and LUNA as collateral for a fantastic rate. This protocol’s toolset will soon include opportunities to collateralize SOL and ATOM.
By press time, the LUNA/bLUNA conversion rate was 100:105, which means that when a farmer interacts with the protocol, he or she would receive five “free” LUNA tokens.
Earlier Terra surpassed Binance Smart Chain (BSC) as the second-largest decentralized finance blockchain behind Ethereum, reaching an all-time high in terms of total value locked (TVL). Terra’s TVL has dropped to roughly $19.3 billion at the time of writing, according to data from Defi Llama, after reaching the $20 billion TVL mark on December 24.