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      Three reasons why Terra Luna coin price surged by 20% - Stocks Telegraph

      By Muskan

      Published on

      July 29, 2021

      6:23 AM UTC

      Three reasons why Terra Luna coin price surged by 20% - Stocks Telegraph

      Terra Luna coin continues with its upward trajectory even though the bullish momentum of the crypto market slows down, . The cryptocurrency has been moving sharply upwards since before the week started. At the time of writing, Terra stands at a price level of $11.31. The price of the crypto has increased by 20% in the past twenty-four hours – one of the highest increases in the top hundred list. The cryptocurrency observed a weekly gain of 64%. The daily trading volume increased by 40%. Terra is the sixty-fourth largest cryptocurrency in the market.

      Technical Analysis

      The market sentiment for Terra Luna coin is strongly bullish. Seventeen of the total twenty-six technical indicators are giving out an indication of buy. Eight indicators of the rest are standing at a neutral position while one is bearish with a sell signal.

      Terra Luna Coin
      Terra Luna Coin

      Terra Luna coin had been operating with as ascending trendline which acted as a support level for the cryptocurrency. A trader’s analysis had identified potential price targets for the cryptocurrency earlier. The recent strong bullish divergence has led to Terra achieving the first price target at $10.49. The next price target lies at $12.04 followed by $13.27. The recent four-hourly candles are all bullish – indicating the upward trend may last for the coming days. However, if the cryptocurrency is hit by the gradual trend change of the crypto market, a support level at $8.05 can help to stabilize the Terra.

      Why is Terra Luna coin booming?

      Terra is a payment platform powered by stablecoins. The platform aims to use the price stability of fiat currencies with the decentralization of cryptocurrencies to build an efficient global payment system. Terra is believed to posses a good long-term potential. The price of Terra Luna coin is surging because:

      • The number of projects on Terra is increasing exponentially. According to a Twitter thread, there are approximately 70 projects with great potential operating on the platform currently – including Mirror Protocol and Anchor Protocol. The number is only expected to increase.
      • Stablecoins like USDT, USDC and BUSD – although widely used – have their limitations in the form of centralization. Moreover, Terra’s stablecoin UST is powered by Terra’s native token LUNA – making it safer.
      • Lastly, the technicals of the cryptocurrency are strong. The indicators are bullish while an uptrend has been confirmed. LUNA can also find a strong supporting level in case it falls.

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