- 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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
XRP sustains bullish momentum despite SEC's appeal against Ripple
XRP continued trading above the $3 mark on Thursday as investors stepped on the accumulation gear following rumors of Donald Trump considering its addition to a US digital asset reserve.
Upbit crypto exchange faces suspension in South Korea over alleged KYC violations
Cryptocurrencies aggregate market capitalization consolidated at $3.5 trillion on Thursday rising by $152 billion within the last 24 hours. Altcoin markets rose by 9%.
Binance bulls target $750 as Trump drives crypto trading volumes to a record high
BNB price crossed the $715 on Thursday as traders continued to take strategic speculative positions ahead of the US Presidential inauguration slated for January 20.
Ethereum Price Forecast: Staking could spark ETH rally in 2025 as PostFinance launch stirs bullish sentiment
Ethereum experienced a 3% decline on Thursday despite growing excitement over the launch of ETH staking services by PostFinance AG. Investors are optimistic that this development may lead to the approval of staking in Ethereum ETFs.
Bitcoin: Room for a recovery or continuation of the pullback?
Bitcoin’s price slightly recovers and trades around $94,700 on Friday after declining nearly 6% earlier this week. US Bitcoin spot Exchange Traded Funds data shows signs of mild recovery, with a total net inflow of $462.2 million until Thursday.
Trusted Broker Reviews for Smarter Trading
VERIFIED Discover in-depth reviews of reliable brokers. Compare features like spreads, leverage, and platforms. Find the perfect fit for your trading style, from CFDs to Forex pairs like EUR/USD and Gold.