The Terra price has held steady in the past few days as demand for Ethereum-killers rose. The LUNA price is trading at $39, which is about 15% above the lowest level this week. Its total market capitalization rose to more than $14 billion making it the 12th biggest cryptocurrency in the world.
Terra growth continues
Terra is a blockchain project that has become relatively popular these days. The platform was built by a company known as Terraform that has raised more than $175 million from a group of venture capital firms like Pantera Capital, BlockTower Capital, and XRP Capital.
Terra is mostly known for TerraUSD (UST) stablecoin that is worth more than $2.5 trillion. The platform is also a leading alternative to Ethereum. One of its biggest user cases is in the development of Decentralized Finance (DeFi) projects.
According to DeFi Llama, there are eight DeFi projects already running on Terra’s ecosystem. They include Anchor, Lido, Mirror, ApolloDAO, and TerraSwap.These DeFi projects have grown so fast such that their total value locked has soared to more than $8.4 billion. Anchor, the biggest of them all has a TVL of more than $3.6 billion while Lido has a TVL of $2.3 billion.
The four-hour chart shows that the LUNA price has been in a strong bullish trend recently. This week, the token managed to move above the key resistance level at $36.60, which was the previous all-time high. It rallied and reached a new ATH at $44.46, where it formed a double-top pattern.
The Terra price managed to defy the bearish flag pattern that was forming and it rebounded to the current $39.15. It has also moved above the 25-day and 50-day moving averages while the MACD has moved to the neutral line. It has even moved above the chin of the double-top pattern.
Notably, it seems like LUNA has done a break and retest pattern. Therefore, there is a likelihood that it will continue the bullish trend. This view will be validated when the price rises above its all-time high.
