LUNA price hits new all-time high as Terra’s Co-Founder Do Kwon vows to implement “Bitcoin Standard”
- LUNA price crossed $105, hitting a new all-time high as sentiment among investors turns bullish.
- Luna Foundation continues Bitcoin purchases, holding $1.1 billion in BTC in its wallet.
- Analysts predict a continuation of the altcoin uptrend, set a price target for LUNA at $122.
LUNA price has hit a new all-time high as co-founder of Terraform Labs Do Kwon implements the “Bitcoin Standard.” Kwon recently announced that Terra would maintain Bitcoin reserves and purchase up to $3 billion in BTC.
LUNA price hits record high $105.91
LUNA price crossed $105.91 hours ago, hitting a new milestone. Proponents are seeing a rise in bullish sentiment around the native token of the Terra network, LUNA, since Do Kwon’s announcement of establishing a Bitcoin reserve.
The Luna Foundation Guard (LFG), a Singapore-based nonprofit, plans to purchase over $3 billion in Bitcoin to create an additional layer of security for UST, Terra’s logarithmic stablecoin.
LFG has started accumulating Bitcoin, and the foundation’s wallet now holds $1.1 billion worth of BTC. Alongside Do Kwon’s announcement to purchase it, Bitcoinwitnessed a massive breakout and breached key resistance at $47,000.
The LUNA price is up 7.7% overnight as demand for Terra ecosystem’s native token shows a surge. LUNA now ranks among the top-performing altcoins in the two years from March 2020.
Analysts have evaluated the LUNA price trend and observed a break out of the symmetrical triangle. @ali_charts, a renowned crypto analyst, believes a close above $97.50 in LUNA price could send the altcoin to $122.
#Terra | $LUNA appears to be breaking out of a symmetrical triangle. A decisive close above $97.50 could send #LUNA to $122. https://t.co/Mfd9gZn5KY pic.twitter.com/MapFEXMDy1
— Ali Martinez (@ali_charts) March 28, 2022
@CryptoFaibik, a pseudonymous crypto analyst, has noted a bullish pennant formation in the LUNA price chart, which could trigger an upside breakout to push Terra 40% higher.
$LUNA (update)
— Captain Faibik (@CryptoFaibik) March 28, 2022
Bullish Pennant Formation in 8H TF..
In Case of Upside Breakout, Expecting +40% Bullish Wave..#Crypto #LUNA #TerraLuna #Terra pic.twitter.com/vHNYPiiau4
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
