Terra's LUNA scales new heights, hits new all-time high above $100

Terra price continued its uptrend and hit a new all-time high earlier today.
Total value locked in Terra has surged 55% over the past week, with a spike in on-chain activity.
Proponents consider Terra's burn implementation and the negative funding rates as the two key factors driving the token's price higher.

Terra price has crossed the $100 mark with the burn of over 7.5 million LUNA tokens within five days. Proponents believe that the increasing capital inflow is fueling Terra’s price rally. The token hit an all-time high above $98 earlier this week.

Terra continues uptrend and hits new all-time high

Terra prices hit a new all-time high for a second time in a week. Institutional investors continue pouring capital into the metaverse. The token’s price has moved upwards at a fast pace since the second week of December.

Terra price crossed $98.20 following the implementation of burn and continued its uptrend to cross $100 earlier today. Analysts are bullish on the token’s price and expect it to climb higher. The next resistance is between $116 and $120, created by the 2.61 external Fib retracement.

Analysts have evaluated the price trend of the second-largest DeFi protocol and predicted a bull run in Terra. Terra protocol now has $18.2 billion in total value locked (similar to market capitalization) while its competitor Binance smart chain has $16.5.

@Phoenix_Ash3s, a cryptocurrency analyst notes that Terra price is up over 24 times since the May low.

$LUNA = 100$

Up ~24X from the May lows, impressive!
Congrats to all the #Luna hodlers

Flat on it now, please gib discount in New Year, thanks! pic.twitter.com/KvyG4G5L37
— Phoenix (@Phoenix_Ash3s) December 24, 2021

@CryptoLimbo_, another pseudonymous crypto analyst believes that Terra has further potential for price appreciation after hitting the all-time high above $100.

Bought $LUNA sub 0.5$.
Took some sizeable profits here!
Do I believe it runs more?
Absolutely!

Always book profits!
— Limbo (@CryptoLimbo_) December 24, 2021

Proponents have referred to Terra as “Alipay on the blockchain.”

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.

Cryptos feed Join Telegram