Price Analysis

Is Terra The Best Bet For Traders? LUNA Price Will Not Drop Below $88, Here’s Why?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Mar 15, 2022

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Highlights

    Terra price remains above $90 despite multiple bearish scenarios which attempted to drag the price towards the lower

    The price may remain strong above the current levels and continue to range high without testing the lower levels again in the near future

Terra’s price in recent times has showcased immense strength and maintained a constructive uptrend. The price was on the verge to hit a 3-digit figure when the asset faced an interim price slash. However, it appears that the asset has managed the trembled situation and preparing to head back towards the target strongly and firmly. Moreover, the rounds of the LUNA price not revisiting the levels below $80 may induce a significant bullish momentum as the traders may turn pretty sure of the asset. 

LUNA Price Stay Above $88

On the other hand, Terra founder Do Kwon recently assured the crypto space that the LUNA price may never slide down below $88 for the next 365 days. It all started when an analyst placed a $1 million bet the LUNA price may slide down below the current levels in the same time, next year. Further, the founder locked up in the bet with UpOnlyTV host Cobie, to be the moderator. 

The challenge goes simple, both parties would transfer $1 million each to the moderator. Next year on the same day, if the LUNA price on Coingecko is higher than $88 then the founder will get LUNA else the challenger will receive $2 million worth LUNA. Both agreed to consider the 24-hour average trading price to consider price to decide the winner. The challenger Algod constantly criticizes the Terra Stablecoin(UST) being inconsistent and incapable of handling heavy sell-offs of LUNA price.

Adding to the substance, a huge accumulation of LUNA and Terra Stablecoin (UST) is going on by the Ethereum whales. According to the data from Whalestats, nearly 42 million Terra (UST) is been accumulated by ETH whales. While UST’s stability is still questioned, ETH whales keep accumulating giving birth to speculations about the upcoming price trend.

Currently, the LUNA price maintains strongly above $90 and displays huge possibilities of smashing a 3-digit figure very soon. At the press time, the price is around $91.12 with a drop of 2.212% compared to the past 24 hours. Moreover, the asset is expected to continue with the bullish trend and quickly form a  new ATH above $100 at the earliest. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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