Terra (LUNA) Price To Enter a Short-Term Correction! Chance To Buy the Dip?

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The overall cryptocurrency market remains in aftershocks following a brutal week of trading in the digital asset markets Bitcoin (BTC) potential gain rally blurs and major altcoins are intensely in the red. 

The LUNA coin had an excellent rally when the price indicated a bullish breakout. The altcoin rallied to the $78 level marking a new All-Time High.

At present, Luna price is hovering below the $78 mark with a 6% loss in the last 24 hours. The rally took a pause at the $78 resistance level. As the volume has been decreasing since then, it may give the bears an opening to take control of price, even if for a short period. currently, key support levels lie at $64 and $55 and the major resistance is at $78.

The Terra bulls need to sustain the momentum else bears may take over. Right now, the altcoin is showing signs of weakness, and is very likely that LUNA to enter a short-term correction.

Terra – Now the 3rd largest blockchain!

Terra (LUNA), has eclipsed its competitors to become the third-largest crypto by total value locked (TVL).

According to Delphi Digital, the Ethereum competitor has now surpassed Solana (SOL) and Avalanche (AVAX) in terms of TVL, owing to increased value in Bonded Luna (bLuna), the token utilized by liquid staking protocol Lido as collateral to borrow stable coin TerraUSD (UST) within the Anchor protocol.

Due to a plan to mint UST on the Terra network, LUNA’s surge has helped Terra’s stable coin UST boost its overall supply by 4 billion tokens, according to Delphi Digital. 

The proposal to mint UST with LUNA in the community pool to build the Terra ecosystem through UST consumption increased UST supply from under $3 billion to $7 billion by mid-November.

After the 19th of November, UST increased circulating supply by another $1 billion.