LUNA Hits New All-Time High After Terra’s DeFi Milestone

The broader cryptocurrency market is still in a bearish trend, but some cryptocurrencies have performed well. LUNA, the native token of the Terra ecosystem, is one of the best-performing coins in the market at the moment.

Terra’s TVL Hits $11.9 Billion

Terra is a leading decentralized finance (DeFi) blockchain and has recently reached a new milestone. According to the latest data, the total value locked (TVL) on DeFi protocols on the Terra blockchain hit $11.9 billion a few hours ago.

This latest development makes Terra the fifth-largest DeFi blockchain, just behind Avalanche. Ethereum, Solana, Binance Smart Chain and Avalanche are some of the leading DeFi blockchains in the crypto space at the moment.

Following this latest development, LUNA hit a new all-time high above the $65 mark. The rally allowed LUNA to overtake Shiba Inu and become the twelfth largest cryptocurrency by market cap.

At press time, LUNA is trading above the $63 mark and has a market cap above $24 billion, while Shiba Inu’s market cap is just above $23 billion. The Terra team is also working hard to increase UST liquidity on some DeFi protocols.

1/ A new proposal to significantly increase $UST liquidity on @CurveFinance pools via a 6-month incentive plan through @VotiumProtocol, @ConvexFinance, and @TokenReactor is now posted on Agora 👇https://t.co/PiUnSqWUCw

— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) November 30, 2021

 

LUNA Could Hit $70 Soon

LUNA has been one of the best-performing coins in recent months. The cryptocurrency has added more than 100% to its value over the past three months, outperforming numerous other leading cryptocurrencies in the process.

The LUNA/USD chart is one of the most bullish in the market at the moment. The MACD line crossed the neutral region after LUNA reached a new all-time high earlier. Its RSI of 72 shows that LUNA is close to the oversold region. The cryptocurrency is also trading way above its 100-day moving average of $40.15. The technical indicators show that LUNA is bullish at the coin’s price could soar higher over the coming hours and days.

If LUNA can maintain its current momentum, then it could break past the $70 psychological level over the next few hours and set a new all-time high process.