Terra Price Hits New All-Time High, Accruing 76% In Weekly Gains
- Terra joins Solana to achieve a new record high of $25 as bulls eye $30.
- LUNA consolidates 76% in weekly gains and 10% in 24 hours.
- A daily close above $25 could see Terra take up the trajectory to $30.
Terra has become the second cryptocurrency to hit a new all-time after Solana. As discussed on Monday, a daily close above $20 would result in another liftoff, which explains the upswing to $25 during the Asian session on Tuesday.
At writing, Terra is exchanging hands at $25.5 amid a renewed bullish outlook. It is plausible that this altcoin will close the gap to $30 in the near term, mainly supported by heightened investor interest.
Terra Price Discovery On The Fast Lane To $30
LUNA has kept the uptrend intact despite a marginal dip in the cryptocurrency market. Bitcoin closed in $50,000 but failed to sustain the price above $48,000, culminating in a correction toward $46,000. On the other hand, lost support at $3,200 to trade at $3,180 while Ripple is down 7.3% in 24 hours as bulls battle to secure backing at $1.1.
Terra and Solana are decentralized finance (DeFi) tokens; hence the upswing to new all-time highs may have emanated from increased investor uptake of their respective digital financial products. The layer 1 protocols, in particular, have remained top of the list for investors, despite the conspicuous security risks accentuated by the largest DeFi hack last week.
According to analysts Solana and Terra reflect the increasing demand for scalable protocols, especially with the boom experienced with non-fungible tokens (NFTs) this year. As these tokens make huge strides, investors acclimate to the reasoning that Ethereum’s migration to a proof-of-stake (PoW) would be delayed.
Is Terra’s Run-Up To $30 Probable?
A comprehensive look at the 12-hour chart reveals bulls have the upper hand. Notice that the Moving Average Convergence Divergence (MACD) has a vivid bullish impulse. The MACD crossed above the mean line toward the end of July, cementing the buyers’ influence in the market. With the gap between the 12-day EMA and the 26-day EMA widening, the chances for another upswing to $30 keep increasing.
LUNA/USD 12-Hour Chart
The Relative Strength Index (RSI) reinforces the bullish grip on Terra by lifting higher within in the overbought area. The RSI can stay overbought longer, especially in bull cycles. Therefore, LUNA could have the momentum to hit another new high. Besides, a 12-hour to a daily close above $25 may validate the ongoing price discovery to $30.