Price Analysis

Terra (LUNA) Price to Hit the $100 Milestone! Here’s When?

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LUNA has been one of the marathon runners lately. The altcoin is garnering the interest and liking of investors and traders in the crypto space. The digital coin has declutched itself from the oppressing bearish rule. And is currently heading towards its ATH at a steady pace. 

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Crypto proponent hints at a proposal to burn 90 M LUNA. In the community pool, to mint $UST for Ozone.  The burn is poised to be initiated by Terra Money, next week. Which will reduce the total coin supply by 90 M, and increase the $UST supply by roughly 3-4 billion. 

The proponent also mentions that the process will result in a lot of swap fees. Which will possibly result in LUNA staking returns to 5X.

LUNA Chugging Towards Its $100 Milestone?

The digital asset had been experiencing lower highs since the 12th of October, along with constant lows around $35. Resulting in the formation of a descending triangle setup on the charts. However, the LUNA Price broke through its fading momentum a couple of days ago.

The digital coin at press time is trading at ~$45.08 with positive gains of 7.2% for the past 24-hours. The market cap of LUNA hovers around $17,861,282,047. While the trading volume for the last 24-hours is around $1,470,521,689. The total supply of the coins is 970,935,407. The bulls need to keep up with their pace, to help the coin reach its ATH at $49.70

On the contrary, we can expect a decline in prices towards its immediate support of around $43.8. Prior to crucial zones, which is possible if the bulls run out of steam. Currently, the selling pressure holds an upper hand over the buying pressure. Netizens are expecting LUNA to march towards a milestone of $100, with the commencement of coin burn. According to Defillama the TVL of terra is $10.25b which is appreciable.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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