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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

LUNA Holds Ground Over $90, Do-Kwon Hints At Factors Behind Rally

Reynaldo Marquez
Reynaldo Marquez
3 years ago
3 mins read
Luna

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LUNA, Terra’s native cryptocurrency, remains on an upward trajectory. The cryptocurrency follows the general market sentiment and is one of the best performers in the crypto top 10.

Related Reading | Terra (LUNA) Surpasses Ethereum Becoming Second Most Staked Asset

This trend could continue in the short term, but some indicators point to caution. In the long term, the outlook seems clearer.

At the time of writing, Terra’s cryptocurrency trades at $94 with sideways movement in the last 24 hours and 6% profit in the past week.

LUNA LUNAUSDT Terra
LUNA trends to the upside. Source: LUNAUSDT Tradingview

Do Kwon, Terra Co-Founder has become one of the most popular individuals in the crypto space. Very active on social media platforms, Kwon recently presented one bullish factor for the long-term survival of LUNA and the Terra ecosystem.

According to Kwon, the crypto market will increase its demand for decentralized stablecoins, making Terra’s native stablecoin UST grow further. This stablecoin and LUNA operate with a burning mechanism.

Whenever the demand for UST increases, the mechanism burns LUNA to increase the stablecoin’s supply and vice versa.

Unlike competitors, such as Tether (USDT) and USD Coin (USDC), UST is decentralized, as Kwon reiterated. This makes it less vulnerable to single points of failure, government censorship, and other external vulnerabilities.

This is probably the reason Kwon seems certain about UST’s future growth. Via his Twitter account, Kwon said:

UST ‘s grew because its sovereignty is the only sensible model to scale decentralized money.

The Anchor Protocol, a Terra native product, offers UST holders the opportunity to earn a 19% APY. This has been one of the most important factors behind the surge in demand for the UST stablecoin.

In less than a year, UST has climbed to the top 15 cryptocurrencies by market cap and to the number 4th position in terms of stablecoin market cap. If the demand for UST continues, the entire Terra ecosystem will benefit.

LUNA LUNAUSDT
Source: DeFiLlama

LUNA Build To Withstand Crypto Winter?

The biggest concern about Terra and UST is Anchor Protocol’s capacity to sustain its APY, currently one of the highest in the market. Pedro Ojeda, a co-founder at SplitBrick, pointed out the mechanism to mint the stablecoin has been designed to protect Anchor:

Luna staking yields stablecoins+Luna. This has a beautiful property in which [ unlike ETH, BTC, AVAX etc whose staking return depends purely on coin price ] as Luna price drops, yield goes up naturally since (stablecoin+Luna)/Cheaper Luna = higher APR.

In the short term, Terra’s native crypto could face some hurdles to reclaim previous highs. Data from Material Indicators (MI) suggest small investors have been buying the recent rally.

LUNA LUNAUSDT
Retail investors (yellow in the chart) buy the LUNA rally while larger investors sell (red in the chart). Source: Material Indicators

However, investors with asks orders of around $10,000 have been suppressing price action keeping LUNA in a tight range.

Bitcoin could be the key for future appreciation on lower timeframes. If the benchmark crypto can break above $43,000, LUNA and other altcoins could follow.

Related Reading | Mars Protocol To Launch On Terra, But Why MARS Has Seen A Massive Dump

BTC’s price faces its own difficulties with a TD Sequential indicator flashing a sell signal on the daily chart and with MI’s trend precognition pointing downwards on the same period.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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