The Terra price upward momentum continued overnight as demand for the coin remained strong. LUNA, the token that powers the Terra ecosystem, rose by more than 20% in the past 24 hours. This brings its total market capitalization to more than $4.6 billion, making it the 24th biggest digital coin in the world.
Terra is a blockchain project that was started by Terraform Labs, a South Korean company. Recently, the company raised more than $150 million from investors like Divergence Digital Currency Fund and Huobi Capital. The firm will used these funds to grow its ecosystem and its brand.
This ecosystem includes Mirror, an app that allows people to create synthetic assets. It also has PayWithTerra, Chai, and MemePay. Terra is widely used in South Korea, where people use the coin in retailers and restaurants.
According to Terraform, Terra is a better alternative to Bitcoin because of its ease of use and the fact that its price is relatively stable. It achieves this stabilit through an elastic money supply and enabled by stable mining incentives.
The Terra price is surging today as part of the overall crypto rally. Most coins like Bitcoin, Ethereum, and Ripple have risen substantially in the past 24 hours. If the big coins maintain the momentum, other smaller tokens like Luna will keep rising as well.
Turning to the 4H chart, we see that the Terra price has been in a strong bullish trend recently. The coin’s price managed to move above the important resistance at $8.6950 on July 26. It then made a break and retest pattern and then resumed the upward trend. Today, it is trading at$11.21, which is the highest level since May 20. It remains above the 25-day and 50-day moving averages while the MACD has moved above the neutral level.
Therefore, the pair will likely keep rising as bulls target the next key resistance level at $14, which is about 25% above the current level.
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