TA: Terra (LUNA) Surges, Is It Eyeing A Correction Now?

Terra (LUNA) has secured an all-time high at $109 amidst its newest developments. Market sentiments also continue to remain positive in the past 24 hours, with Bitcoin trading close to $48k. LUNA happens to be one of Terra’s native tokens, Terra network helps create customised blockchains and decentralised applications on its network. Recently, Luna Foundation Group (LFG), a Singapore based non-profit organisation has purchased $3 Billion worth of Bitcoin which would act as an additional layer of security to Terra’s decentralised stablecoin, UST. Over the past week itself, Terra (LUNA) secured a hike of 12%, and over the last 24 hours, the coin broke past its resistance mark of $108. Terra Price Analysis: Four Hour Chart Terra (LUNA) was exchanging hands at $108.47 after securing an all-time high at $109 just 24 hours back. Immediate resistance for the coin stood at $110 and then at $112, respectively. In case of a pullback, the prices could fall to trade near $103, $100 and then at $95, respectively. Over the past month, the altcoin has given an 18% ROI. The trading volume of Terra (LUNA) was seen growing over the past trading sessions, its previous session was seen closing in green which signified bullish momentum in the market. It also signals that buyers exceeded sellers at the time of writing. Related Reading | Time To Be Fearful? Bitcoin Index Reaches Greediest Point Since Peak Technical Analysis LUNA ha...