Terra, a blockchain protocol that uses ‘fiat-pegged’ stablecoin to dominate global payment price stability where it combines price stability and extensive use of fiat currencies without reliance on Bitcoin (BTC) and offers fast and affordable transactions.
Terra was the brainchild of Daniel Shin and Do Kwon in January 2018. They set up several partners with payment platforms, mainly in the Asia Pacific region.
In July 2019, Terra announced a partnership with Chai (Dapp) which is a mobile app located in south korea where every purchase only uses the app on the e-commerce platform and is processed through Terra’s blockchain network.
Next, let’s look at the LUNA/USDT price movement chart.
LUNA showed a good reputation in the market when it made a jump of over 3,000% starting from the opening of the market in January 2021 to record an all -time high (ATH) at the price level of $ 22.30 in March 2021.
However, Luna's performance declined after March saw the price fall by more than 80%, plunging to the $ 4.0 support level which was also affected by the fall in the Bitcoin (BTC) price.
According to analysts' forecasts, LUNA is expected to make an increase to test the SBR zone (support become resistance) around the price of $ 10- $ 11.
If the LUNA price movement manages to break the resistance level, a higher bullish target is seen to test the next SBR zone at the $ 13- $ 14 price level before heading to the ATH $ 22.30 level previously recorded.
However, if the price continues to decline to a lower price level, the support zone around the $ 0.40 price will be tested and will be the concern of investors.
