Terra Recovers As It Posts 10% Gain In The Last 24 Hours

The price of Terra has been choppy in the past few days despite the broader market regaining back it’s strength slowly. In the last week, the coin plunged by almost 30%. Related Reading | Bitcoin Funding Rates Remain Negative For More Than A Week At press time, LUNA was priced at $50.72. Earlier yesterday, LUNA attempted to trade above the $52 price mark. The global cryptocurrency market cap was at $1.83 Trillion after an increase of 1.6% in the last 24 hours. Trading volume of Terra also depicted an appreciation by 75% at press time. This rise in trading volume could be tied to resurgence of buying strength in the market. Resistance mark for the coin was at $60.10. Terra’s sharp price sentiment could have been influenced by Wonderland Project’s Fiasco. LUNA’s prices started their southbound journey after it was discovered that Michael Partyn was responsible for looking after Wonderland’s treasury. LUNA’s prices stood at 69% lower than its All Time High. Terra’s local support level for the coin awaited at $43.60. LUNA has last traded around this level in the month of November. LUNA’s prices hadn’t fallen below the $50 price mark as the coin considered the aforementioned level as a robust support level. Buying strength in the market had also been in the bearish territory for almost a week or so. Looking at the technical indicators, it is difficult to say if LUNA will maintain a similar price action over the nex...