Terra’s LUNA token has hit $34.25 for the first time in August of 2021. Its native asset has made a recovery since the market crash in May when it was traded as low as $4.18.
Currently, LUNA is the 12th largest cryptocurrency in the industry with a market cap of roughly $13.6 billion.
Launched in 2018 by Do Kwon and Daniel Shin, Terra (LUNA) is a blockchain protocol that has a goal to adjust the modern economy’s flexibility in a new digital currency.
LUNA Hits New All-Time High
According to the company, by employing a price stabilization algorithm that constantly balances the supply of a coin regarding keeping prices stable, Terra’s native token LUNA was born.
Terra uses fiat-based stablecoins and states that it combines the benefits of cryptocurrencies with the price stability of fiat currencies.
The company has partnered with payment platforms, most in the Asia-pacific regions, such as the partnership with Chai, a South Korea-based mobile payments application, allowing trading cryptocurrency by using the application on e-commerce platforms through the Terra blockchain network.
In addition, the coin is backed by a group of businesses and platforms supporting the adoption of Terra, called Terra Alliance,
LUNA May Go Higher
The coin started its bullish rally from the very first day at a trading value of $0.6494 in January of 2021. By the middle march, the LUNA price surpassed $21 along with the successful launch of the Anchor protocol.
Although Terra prices slumped by 70% as a result of a market collapse in May, the coin has hit a new record high in August and could soon rise to higher levels. Meanwhile, the volume to a market cap of the coin also predicts strong growth in the price for the future.
The weekly technical chart of the LUNA coin suggests a strong upside momentum. Terra is expected to continue keeping this trend throughout this year and could smash out the $50 level by the end of 2021.