Terra Coin Price Balloons 30% – But Can LUNA Reach Higher Terrain?

Christian Encila

Last Updated: October 13, 2022 3:37 pm

3 mins read

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Terra (LUNA) woke up to a good day on Wednesday as the token made an impressive 30% jump in its price on the way to tallying a high of $3.08.

Terra accounted for 25.06% of the entire token holdings among the top 100 ETH whales
LUNA price surged by 30% today and hit $3.08
Bullish momentum is possible and trading price might reach $3.25

The crypto, though, immediately experienced price correction as it is trading at $2.69 at press time according to tracking from Coingecko.

Still, Terra is looking at a 5.5% increase for the past seven days and a higher jump of 7.4% for the past two weeks.

It is still miles away from its all-time high of $18.87 attained in March 28 of this year, losing 85.6% of that value.

The good news is that it is currently up by 77.6% of from its all-time low of $1.53 hit on August 29, 2022.

Terra Surges As It Flips Lido Staked ETH Tokens

According to online crypto information source WhaleStats, Terra became the top holding by dollars of the top 100 Ethereum whales, accounting for 25.06% of all token holdings.

In doing so, LUNA was able to edge out Lido staked ETH (stETH) tokens and even surpassed USDC and USDT holdings of the whales.

In total, Ethereum whales included in the top 100 held around $820 million worth of Terra digital coin.

The wormhole interoperability protocol asset was then leveraged by the Ethereum whales to exit liquidity, causing the unprecedented rally that pushed LUNA price to grow by 30%.

Terra also witnessed a 150% increase in its trading volumes for the past hours, contributing to the bullish rally the digital asset made.

Terra Price Action At A Glance

While the Terra coin price ballooned by 30%, it still remains to be seen if LUNA can reach higher terrain during this time when crypto market is looking at high level of uncertainties among market participants.

It can be recalled that during the period of September 10 to 26, there was a massive sell-off involving the altcoin, driving its price all the way down to the $2 psychological support marker.

This led to the formation of a pennant pattern for Terra, indicating a continuance of the bearish momentum it was in before this recent price surge.

But all is not lost for LUNA, as there is a slight chance that the token will break the overhead trendline. If that happens, just like today, Terra might end up in an upward trend, going as high as 20% to hit $3.25.

As for its intraday performance, the altcoin is in a bullish trend but volatility remains high.

Crypto total market cap at $853 billion on the daily chart | Featured image from CafeF, Source: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.