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

Terra

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.

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.
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