Over a time period of your choosing, how many days has LUNA closed above this price? How many days has it closed below this price?
LUNA weekly performance vs. other top assets. Source: Messari
What Is Terra (LUNA)? Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and offers fast and affordable settlements.
Development on Terra began in January 2018, and its mainnet officially launched in April 2019. As of September 2021, it offers stablecoins pegged to the U.S. dollar, South Korean won, Mongolian tugrik and the International Monetary Fund's Special Drawing Rights basket of currencies — and it intends to roll out additional options.
Terra's native token, LUNA, is used to stabilize the price of the protocol's stablecoins. LUNA holders are also able to submit and vote on governance proposals, giving it the functionality of a governance token.
LUNA best performer this week so far
The short-term bearish outlook appears after Terra's 45% price rally to around $68 this week, its best level since Jan. 25. Interestingly, LUNA/USD went higher despite a gloomy outlook elsewhere in the crypto market, led by the Russian military's invasion of Ukraine that dampened investors' risk-on sentiments.