The Terra price has been hovering over its all-time high for the past week. LUNA’s total market capitalization has jumped more than 16% in the past 24 hours to $12.4 billion. In the past 24 hours, the coin’s total volume traded has jumped 75.69% to $1.5 billion. Notably, its total volume traded is slightly below its highest level.
What is Terra?
Terra is a blockchain platform that uses fiat-pegged stablecoins to power global payments systems with stable prices. Terra uses LUNA as its native token to stabilize the price of the protocol’s stablecoins. LUNA holders are allowed to submit and vote on governance proposals.
Terra was founded in January 2018 by Daniel Shin and Do Kwon. They created the platform to boost the rapid adoption of the blockchain technology and cryptocurrency. Ever since its launch, Terra has attracted several partnerships with payment platforms, particularly in the Asia Pacific region.
Terra has also been under several projects. The most significant project is the integration with Wormhole, a platform that connects Terra, Solana, Ethereum, and Binance Smart Chain ecosystems together.
Terra ranks as the 12th most valued digital asset in the world, sandwiched between Uniswap and Binance USD. The Terra price has jumped more than 461% from its lowest level in July and more than 5520% this year.
LUNA is among the best performing cryptocurrencies in the current crypto market. Other altcoins such as Monero, Solana, Tezos, and Avalanche have also been rallying in the past week.
Terra Price Analysis
The daily chart shows that the Terra price has been on a month’s rally before trading sideways. The LUNA price has surpassed the $30.75 level, clearing a major hurdle. At the time of writing, the coin was trading 14.09% higher at $30.77.
It is trading above the 25 and 50-day exponential moving average, signaling a bullish outcome. Its Relative Strength Index (RSI) has inched higher. However, with an RSI of 70, the price is in the overbought region, signaling an imminent selloff period ahead.
Therefore, the Terra price is likely to face a minor retracement before rebounding. If this happens, the bulls will be eyeing the all-time high at $34.68.