Bullish Luna Surges 5-Day Growth Rate, Is $120 Coming Soon?
2022.04.27 21:31
© Ink Drop Bullish Luna Surges 5-Day Growth Rate, Is $120 Coming Soon?
- Terra (LUNA) recorded a growth rate of over +5% in the past 7 days.
- More than $1.5 billion Bitcoin was bought to help the Terra stablecoin.
- Terra may reach $120 in no time.
Terra (LUNA) continues to blow the crypto space with its ambitious approach in the industry. In detail, the crypto is able to record a growth rate of over +5% in the past seven days. As a result, the crypto keeps its position as one of the top 10 virtual assets in CoinGecko. This is also made possible by the investors that supported the crypto regardless of the market situation.
Source: Coingecko
Aside from the aggressive approach of Terra in the space, Do Kwon, co-founder of Terraform, who popularized the Luna token and Terra stablecoin keeps its vision of acquiring Bitcoin. Currently, Kwon has already purchased more than $1.5 billion in Bitcoin to help the Terra stablecoin.
If this uptrend development of the crypto continues, there might be a chance that Terra may be able to surge its position.
Source: TradingView
As seen in the chart above, Terra trades at a decent price below $100. However, despite this bearish position, Terra is able to keep its position close to its resistance level of $99. Given the fact that the team of Terra continues to work actively in developing its blockchain and the mass adoption of Bitcoin, Terra may face mass adoption. And, when there is mass adoption of tokens, there is a potential that the price of the crypto may surge.
If it does, Terra can be seen smashing its $99 resistance level and skyrocketing further to almost $120, the next resistance level. But of course, this price forecast of the crypto still depends on the bullish market and its investors’ behavior within the network.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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