Terra (LUNA) is now the most staked cryptocurrency in the market. The coin has overtaken Ethereum and is expected to continue holding this title in the foreseeable future. As expected, the reaction from investors was immediate. Here are the highlights:
At press time, Terra (LUNA) had jumped 20% in intraday trading in response to the news.
Staked assets on Terra are now worth $29.5 billion with over 226,000 stakers as well.
The coin has smashed a key resistance of $90 support and could turn bullish in the coming days.
Data Source: Tradingview
Terra (LUNA) – How the bull run could play out?
The market in general has rebounded the last few days with most coins posting gains. But Terra (LUNA) is really on full steam. The coin has surged by over 20% in the last 24 hours, trading at around $98.
More importantly, Luna has now broken above a key overhead resistance of $90. This could suggest that a bull run is possible in the near term. Much of these recent gains were triggered by news that indeed Terra (LUNA) is now the most staked asset in crypto. This title was held by Ethereum.
The key right now is to watch how long the coin can stay above $97. If this happens, LUNA could easily surge to new all-time highs of $112 and even above $120 in the weeks ahead.
Is Terra (LUNA) a good buy?
Well, every investor would love to own the most staked coin in the market. LUNA has become one of the most important assets in crypto, and it’s definitely highly recommended.
For the long-term investor, just buy it now and hold for a year or so. But for short-term speculators, an upward rally is very likely for LUNA. A good entry will be below $100 but exit at $112 or thereabout.