LUNA had a standout February after beating Bitcoin and Ethereum in gains for the month. What's next for Terra?
LFG revealed that it would use the proceeds to build a"UST Forex Reserve," raising prospects of boosting the stablecoin's supply by another billion-dollar worth of LUNA-backed tokens.
LUNA's price has risen by nearly over 90% since the LFG's announcement. In contrast, the total market capitalization of all the cryptocurrencies combined has rallied by just 13% in the same period, underscoring that crypto traders have been flocking into the Terra market.Terra's technical outlook looks skewed to the upside owing to an ongoing"bull flag" breakout move.that appear when the price consolidates lower inside a descending channel after a strong move upward.
LUNA appears to have entered the final phase its bull flag setup, as shown in the chart below. It now eyes a run-up toward $120, an all-time high for Terra if achieved.On the flip side, LUNA's volumes on the three-day chart appear weak, showing the ongoing upward retracement remains less convincing to traders. Its volume profile also shows little historic activity above $70.
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