- LUNA takes over Q4, becomes one of the best performers.
- Year-end predictions remain extremely bullish.
- Market pundits insist to keep an eye out for market pushback.
Altcoins are beginning to enjoy stability. As the market recovers from the recent pushback, altcoins have increasingly secured enough gains to completely turn their price movement trajectory around. This is happening with LUNA, which has recorded one of the best runs this year, and most notably, in this fourth quarter.
Terra (LUNA) turned heads this weekend after taking the 12th spot in the market. Shortly after, the Terra protocol’s staking token knocked down Avalanche and has now become the 11th most valued cryptocurrency by market capitalization. LUNA has also recently hit a new all-time high of $69. Within the last 30 days, LUNA has surged over 70%.
Data from on-chain metrics platform Saintment revealed the following:
“Terra has been on a tear for most of Q4, and is up an astounding +76% against the Bitcoin’s price since November 24th. Also encouraging is the upward long-term trajectory of LUNA’s development activity rate, with rising github submissions over time.”
The significant success recorded by LUNA can also be traced back to the burn proposal presented by the community back in November when 88.7 million Terra (LUNA) tokens were set to be burnt. Speaking on why the burn will help the Terra network, Ryan Watkins, research analyst at Messari stated:
“A large portion of the burn ($1 million and more) will go towards capitalizing a new insurance protocol for the Terra ecosystem called Ozone. This is an important piece of the ecosystem that should promote more safety for users.”
Similarly, Antoni Trenchev, co-founder of crypto lender Nexo maintained that the Terra ecosystem is one of the biggest things in the crypto market right now. He asserts that the network is following in the footsteps of upcoming blockchains like Solana and Avalanche, which have all collectively outperformed this year.
However in the long term, it is important to keep an eye out for the observations shared by market analyst “BigCheds.”
In a recent Twitter post, the popular analyst said:
“LUNA (USDT) though incredibly bullish we must observe: Note the decreasing size of the real candle bodies of the last 3 completed candles. Representative of decreasing trend strength according to Japanese candlestick theory
Can also argue last 2 candles are high wave.”
