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LUNA is outpacing Bitcoin in Gains: Is it a good time to buy?

  • LUNA outperforms the market as it closes the week higher by over 40%.

  •  LUNA gains were driven by the formation of a UST reserve worth $1 billion in BTC.

  •  LUNA needs to break through key weekly resistance if the uptrend is to continue.

Terra (LUNA) is a blockchain that is used for the launch of algorithmic stable coins. It has come to dominate in this space and is now among the top DeFi platforms in terms of Total Value Locked.

Like the rest of the market, LUNA has been pretty volatile over the last couple of days but has regained upside momentum in the last 48-hours. In fact, it was one of the biggest gainers of the past week, closing higher by over 40%.

$1 Billion Bitcoin reserves boost LUNA

In the past week, the markets were hit with the news that Luna Foundation Guard (LFG) was creating a Bitcoin-denominated reserve. This will act as an extra layer of stability and security for Terra USD (UST).

LFG also announced that it had raised $1 billion that will go towards building the Bitcoin reserves. The best part about it is that the coins will be locked for 4-years. This news has led to an increase in investor confidence in UST, which in turn translates to higher demand for LUNA.

Analysts are already responding positively to the move to create a Bitcoin reserve. According to Matthew Dibb of Stack Funds, the move will lower the price fluctuations of the UST.

Should you buy Terra (LUNA)?

Source: TradingView

On February 26th, 2022, Terra (LUNA) was trading at $74.34 and was up by 13% in 24-hours.

LUNA has been on a strong uptrend since February 24th, 2022. It is currently trading just below the $77.17 weekly support level.

If buying volumes increase and LUNA pushes through the $77.17 resistance, then it could test prices above $90 before the end of February.

On the flip side, if LUNA turns bearish and breaches the $70.11, 23.6% Fibonacci support, then it could end the month below $65.

The post LUNA is outpacing Bitcoin in Gains: Is it a good time to buy? appeared first on Coin Journal.

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How could Shibarium Laer-2 solution unlock SHIB Value?

  • Shiba Inu is one of the best performing cryptos, up by 48,000,000% since its launch in 2020.
  • Shiba Inu looking to sustain growth with the launch of a layer-2 scaling solution.
  • SHIB is currently trading at a key resistance level and could sway any direction before the end of February.

Shiba Inu (SHIB) is one of the world’s most famous meme coins and one of the largest cryptocurrencies by market capitalization. Shiba Inu shot to prominence in 2021 and was able to effectively capitalize on the meme coin rally that Dogecoin had triggered in 2020.

Shiba Inu went on to become one of the best performing cryptos ever, recording gains of more than 48,000,000% in under a year. Essentially, if you had put just $10 in SHIB back in 2020, you would be a millionaire today.

Shiba Inu is working on a number of developments that could help increase its intrinsic value going into the future. One of the most anticipated is the launch of a Metaverse, which would give Shiba Inu entry into what a trillion-dollar market could potentially. 

Shibarium a potential growth driver for Shiba Inu

For the last two years, Shiba Inu has mainly been riding on the excitement around meme coins. However, it is currently in the process of moving away from this and adding actual utility to the token.

One of the moves that the Shiba Inu team has made is to come up with a layer-2 solution for Shiba Inu called Shibarium. This will help cut transaction costs and increase speeds. The result is that SHIB will become more useable as a currency, and will drive adoption.

This is a big deal considering that Shiba Inu is already recording significant growth in adoption, even by major corporations like AMC. With a layer-2 solution in the works, SHIB could be a great investment in 2022.

Should you buy Shiba Inu?

Source: TradingView

Shiba Inu has been on an uptrend for the last 48-hours. However, upside momentum seems to be slowing down around $0.00002534 on the 38.2% Fibonacci resistance.

If Shiba Inu breaks the 38.2% Fibonacci, then it could end the month on a high note and possibly test prices above $0.00002700 before the end of the month.

However, if broader market momentum drops, Shiba Inu could retest the 23.6% Fibonacci support at $0.00002357 before the end of February.

The post How could Shibarium Laer-2 solution unlock SHIB Value? appeared first on Coin Journal.