The price of Terra (LUNA) has been rising for several weeks. Unlike many other cryptocurrencies, which are struggling to recover from a sharp decline on 19th May, LUNA has set a new all-time high price.
Terra’s proliferation and adoption continues
Alto CryptoIRA, which provides individual retirement accounts for alternative assets, including cryptocurrencies, announced the addition of 20 new altcoins to the platform. Users can now purchase Terra, Axie Infinity Shard (AXS), Chilliz (CHZ), Harvest Finance (FARM) and a variety of other coins.
According to FXStreet, Alto CryptoIRA aims “to provide cryptocurrency investors the tax advantages of an Individual Retirement Account (IRA) with the freedom to trade as you please.” In this case, users do not have to submit annual reports on their trades.
Terra has experienced a bull run in the second half of this year. This may be due to the integration with Wormhole, which linked Terra, Ethereum, Solana and Binance Smart Chain ecosystems.
LUNA price approaches crucial resistance level
From 24th to 26th August, LUNA price fell 26% from an all-time high of $34.78 to a stable level of $26.86. Despite the sharp decline, the digital currency quickly recovered nearly 10% and continues to rise. Investors should watch closely for resistance levels of $30.75 and $32.35.
LUNA must surpass $30.75 before the close of the 6-hourly candle in order to rebound to its maximum value. The next step would be to break the $32.35 barrier, followed by an all-time high of $34.78. But if Terra reaches $23.45, its price will continue to decline sharply.
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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