The financial markets have been in the news lately, with the Dow Jones Industrial Average (DJIA) setting a new all-time high yesterday. The DJIA, which started the year at 15,801.00, closed yesterday at 16,038.62, a gain of 2.87 percent year to date (YTD). The Dow Jones Transportation Average (DJT) made a new all-time high of 18,531.25 and closed at 18,532.15, a gain of 2.94 percent YTD. The S&P 500 made a new all-time high of 2,237.75 and closed at 2,237.52, a gain of 2.37 percent YTD. The S
In a few days, LUNA (Terra) will reach all-time highs and the price per coin is heading straight for $40 once again, but will the bull run last to the upside? After last year’s spectacular rise and its subsequent crash, the altcoin is on the rise again. Its price has been relatively stable lately, although it has been a bit subdued, although still rising at a steady rate. We can see that a lot of people still believe in the project, and that’s why the price has been able to sustain an upward trajectory.
The price of gold has risen by more than 50% in a year, and the price of silver is up about 15%. Silver has reached the highest price in history, all gold is close to its highest point in roughly eight years (since April 2011). While these prices have been driven higher by the growing demand for precious metals in the form of jewelry, the price of gold has also been driven higher by the recent increase in the price of oil.
With LUNA bursting into the scene, there has been a re-arrangement in the top-10.
LUNA (Terra) is currently second on the most valuable DeFi leaderboard, behind only Uniswap with a market value of approximately $13 billion.
Given the course of events this week, this is to be anticipated. The currency is defying gravity and is one of the only initiatives that is diverging away from Bitcoin’s headwinds.
Luna crypto prices have been galloping up with strong tailwinds as BTC/USD retraces from H2 2023 highs—at least according on recent occurrences.
Market Performance of Terra (LUNA)
The behavior of the LUNA price in the past 24 hours indicates strength. The currency is up 32% from the previous trading day, thanks to increased trade volumes. It is now trading at $32 and is nearing all-time highs, a milestone it achieved this week.
Terra (LUNA) is up 64 percent week-to-date as a result of these strong, impressive gains, outperforming BTC and ETH over the same time.
Considering the excitement that surrounds crypto, LUNA’s success will be noticed, particularly now that BTC is underperforming. As a result, it’s very probable that money will pour into Terra’s ecosystem at this point, increasing the coin’s value even more.
On the daily chart, the LUNA/USDT candlestick arrangement shows that the coin is trading in a bullish breakout pattern above $22—Q1 2023 highs.
The recovery can be traced back to the June and July double bottoms, when LUNA bulls dug in from the H1 2023 trading range’s 78.6 percent Fibonacci retracement line.
As LUNA bull bars band along the upper BB, there is now a fast increase of trade volumes. If $22 holds, every low may present a loading chance for ardent LUNA bulls.
The chances of LUNA hitting $37—or better in the near term—the 1.618 Fibonacci extension level of the H1 2023 trading range—seem strong based on the daily chart set-up.
Terra’s prices may approach $40 in the near future; Terra is “EIP-1559 on Steroids.”
According to one trader, LUNA prices may drop below $40 in the next sessions if the current trend continues.
Sold LUNA/USDT last night at $24.8 from $23.5.. wake up today.. the price rocketed 25% from $25 to $32 this morning… At this rate $40 next week not unrealistic. Heck it could push even further. Wonder if this has anything to do with the Ripple/XRP court case & market fairness
August 19, 2023 — Brendan J (@Darkz au)
He attributes the rally’s strength to fundamentals such as the continuing Ripple-SEC legal battle. Apart from that, Terra has increased its utility and announced the addition of additional seignorage burns as part of the forthcoming Wormhole update, which will make the protocol accessible on many chains, including the Binance Smart Chain and Solana.
Now let’s speak about Columbus 5, a significant update that will: – Burn all seignorage (more Luna burning) – Pay more to stakers – Integrate Cosmos IBC
The Wormhole update for Terra will connect it to Ethereum, Solana, and Binance Smart Chain. TVL owns three of the top five chains.
August 16, 2023 — Lark Davis (@TheCryptoLark)
Regardless, the $40 level is near the Fibonacci extension tool’s critical response levels.
A Cool-off Incoming LUNA Bearish Divergence Pattern
Even as the buzz about LUNA grows, not everyone is persuaded. If price movement on the daily chart leads, one expert on Twitter believes the LUNA run up is coming to an end.
If the #lunausdt divergence takes effect, the price may fall to the first resistance level of $ 21.5 jpg. twitter.com/Ybrka57Zaw
August 17, 2023 — GlobalEconomy (@GlobalEconomyEN)
A bearish divergence pattern is forming, which he notices. Analysts point to higher highs and the RSI’s decreasing pace in this case.
Momentum seems to be pouring down, falling from overbought area, which is a cause for worry for bulls who are bullish. In any event, LUNA, according to him, may drop below $21.5 in a cooling-off period.
Trading View provided the charts.
Disclosure: The author’s opinion is his or her own. Make your own investigation.
LUNA (Terra) is the seventh-largest cryptocurrency by market cap, which means that it has the ability to be used by businesses as a form of payment. In fact, the company recently announced that it was creating a central bank blockchain, which means that it will now be possible for the company to start accepting other cryptocurrencies. The British-based company is now teasing its next product, which could be a cryptocurrency that makes it easier for ordinary people to buy and sell goods and services.. Read more about xrp $10 2023 and let us know what you think.
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