LUNA Moves On Its Own Beat, Bulls Aim For New ATH

LUNA continues to display strength as the crypto market trends to the downside. Despite the current short-term increase in selling pressure, this cryptocurrency managed to enter uncharted territory, and its price action hints at more upside. Related Reading | Inside Terra’s $2.38 Billion Reserves, What Made The Lineup? As seen in the chart below, LUNA has been on its uptrend since August 2021. It briefly dropped towards the $40 area and resumed its momentum to $120. At the time of writing, LUNA trades at $87 with a 4% profit in the 4-hour chart. As Bitcoin and larger cryptocurrencies bleed under the pressure of a broad market downside, LUNA hints at the moon. The long-term fundamentals behind this cryptocurrency’s increase are still in place. The Terra native cryptocurrency and its ecosystem have managed to attract new users due to its products and staking mechanism. Two sides of the same coin, LUNA, and Terra’s stablecoin UST have taken over the DeFi sector. Recently, stablecoin became the third largest in terms of market cap. Only surpass by USD Coin (USDC) and Tether (USDT) with over $50 billion in terms of market cap, UST reached the $17 billion market cap and displaced BUSD. The increase in market cap could be interpreted as another metric of Terra’s adoption. The ecosystem has attracted attention due to its Anchor Protocol and this project’s 19% annual percentage yield (APY) for staking UST. Data from Token Te...