Terra (LUNA) continues to inspire the cryptocurrency community with its ambitious moves, which have put the cryptocurrency firmly in the top 10 virtual assets by market capitalization (CoinGecko data).
Investors, who continued to buy regardless of the market situation, contributed a lot.
Moreover, Terraform co-founder Do Kwon is still determined to buy bitcoins, having bought over $1.5 billion worth of BTC so far.
If his approach and investors don’t change, Terra may strengthen its position even further.
As you can see in the chart above, Terra is trading below $100, but despite this bearish stance, Terra is able to hold near the $99 resistance level.
Given the fact that the Terra team continues to actively work on developing its blockchain, Terra could experience mass adoption. This usually has a positive effect on the asset’s exchange rate.
In an optimistic scenario, Terra will overcome that resistance level and soar to the next resistance level at $120.