{"id":476166,"date":"2021-11-11T19:00:32","date_gmt":"2021-11-11T19:00:32","guid":{"rendered":"https:\/\/uniquehot.com\/?p=476166"},"modified":"2021-11-11T19:00:32","modified_gmt":"2021-11-11T19:00:32","slug":"terra-begins-luna-burning-why-it-could-target-140","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/terra-begins-luna-burning-why-it-could-target-140\/","title":{"rendered":"Terra Begins LUNA Burning, Why It Could Target $140"},"content":{"rendered":"<p>Terra (LUNA) has surged during the past week after a period of consolidation as the network has begun burning the supply of its native token. As of press time, LUNA trades at $51,16 with a 5% loss in the daily chart.<\/p>\n<figure id=\"attachment_476173\" aria-describedby=\"caption-attachment-476173\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-476173 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/11\/Terra-LUNA-LUNAUSDT.png?resize=860%2C404\" alt=\"Terra LUNA LUNAUSDT\" width=\"860\" height=\"404\"><figcaption id=\"caption-attachment-476173\" class=\"wp-caption-text\">LUNA with signs of recovery in the 4-hour chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/hstM8J8q\/?symbol=BINANCE%3ALUNAUSDT\" target=\"_blank\" rel=\"noopener nofollow\">LUNAUSDT Tradingview<\/a><\/figcaption><\/figure>\n<p style=\"text-align: center\"><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/news\/terra-ecosystem-delays-major-mainnet-upgrade\/\" target=\"_blank\" rel=\"noopener \">Why The Terra Ecosystem Delayed A Major Mainnet Upgrade For Late September<\/a><br \/>\n<\/strong><\/p>\n<p>Yesterday, before Bitcoin and major cryptocurrencies dropped from new-all times highs, LUNA started a breakout to the upside and seem ready to breakthrough the resistance at $54.<\/p>\n<p>However, the rally was spoiled by the flash crash and LUNA was rejected near the mid area around its current levels.<\/p>\n<p>The rally seems drive by the implementation of 3 major upgrades on the Terra mainnet. As NewsBTC reported 3 weeks ago, the network was ready to introduce the Colombus-5 and Wormhole v2 with the Inter-Blockchain Communication (IBC) protocol upgrade.<\/p>\n<p>The first of these 3 improvements COL-5 was set to implement a deflationary mechanism for LUNA. In addition, the upgrade was designed to increase Terra\u2019s interoperable capabilities.<\/p>\n<p>In the past year, tokens with a burning supply system have seen great appreciation. For example, Binance Coin (BNB) rose from the low $50 and reached an all-time high above $600.<\/p>\n<p>Ethereum and its recently integrated EIP-1559 is another example. The network changed its fee model to burn a portion of ETH with each transaction.<\/p>\n<p>LUNA could follow a similar path with $80 as a potential reasonable target for LUNA in the short term but could record further gains above $100 and join Solana (SOL) as one of the top performers in 2021.<\/p>\n<p>Investor Daniel Cheung has been very bullish on Terra (LUNA) and its ecosystem due to its potential to disrupt the stablecoin sector. Upon launch of the burning mechanism, Cheung said:<\/p>\n<blockquote><p>Thesis for $LUNA is playing out; $140 price target in the short term still holds. Long term, Terra is one of the few protocols with the potential to be in the trillion-dollar market cap range given TAM for stable coins is infinite.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udd25has started<\/p>\n<p>Parabolic <a href=\"https:\/\/t.co\/Yi1FSTZjSz\" rel=\"nofollow\">pic.twitter.com\/Yi1FSTZjSz<\/a><\/p>\n<p>&mdash; Do Kwon \ud83c\udf15 (@stablekwon) <a href=\"https:\/\/twitter.com\/stablekwon\/status\/59352837?ref_src=twsrc%5Etfw\" rel=\"nofollow\">November 10, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Terra (LUNA) Started Its Moon Phase?<\/h2>\n<p>With Bitcoin moving sideways after the crash, the altcoin market could take the opportunity to diminish the BTC dominance. For LUNA this could translate into price discovery.<\/p>\n<p style=\"text-align: center\"><strong>Related Reading |<\/strong> <strong><a href=\"https:\/\/uniquehot.com\/news\/luna-bitcoin-rally-ready-for-massive-gains\/\" target=\"_blank\" rel=\"noopener \">Why Terra (LUNA) Will Reward Users With New Community Bounty Program<\/a><\/strong><\/p>\n<p>To achieve this goal, LUNA must reclaim $54 and smash through the resistance at $56 with a potential short-term price target at $60. Cheung added the following on LUNA\u2019s potential to enter the top 10 by market cap, the current phase of the bull run, and the asset\u2019s fundamentals:<\/p>\n<blockquote><p>It is important to learn to zoom out on the charts. $LUNA &amp; $SOL are amazing buying oppts here, bullish structure still very strong and story continues to get better here. The run is not over yet and both will go parabolic soon. Best assets always have bids.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Terra (LUNA) has surged during the past week after a period of consolidation as the network has begun burning the supply of its native token. As of press time, LUNA trades at $51,16 with a 5% loss in the daily chart. Related Reading | Why The Terra Ecosystem Delayed A Major Mainnet Upgrade For Late September Yesterday, before Bitcoin and major cryptocurrencies dropped from new-all times highs, LUNA started a breakout to the upside and seem ready to breakthrough the resistance at $54. However, the rally was spoiled by the flash crash and LUNA was rejected near the mid area around its current levels. The rally seems drive by the implementation of 3 major upgrades on the Terra mainnet. As NewsBTC reported 3 weeks ago, the network was ready to introduce the Colombus-5 and Wormhole v2 with the Inter-Blockchain Communication (IBC) protocol upgrade. The first of these 3 improvements COL-5 was set to implement a deflationary mechanism for LUNA. In addition, the upgrade was designed to increase Terra\u2019s interoperable capabilities. In the past year, tokens with a burning supply system have seen great appreciation. For example, Binance Coin (BNB) rose from the low $50 and reached an all-time high above $600. Ethereum and its recently integrated EIP-1559 is another example. The network changed its fee model to burn a portion of ETH with each transaction. LUNA could follow a similar path with $80 as a potential reasonable target for LUNA in the short term but could record further gains above $100 and join Solana (SOL) as one of the top performers in 2021. Investor Daniel Cheung has been very bullish on Terra (LUNA) and its ecosystem due to its potential to disrupt the stablecoin sector. Upon launch of the burning mechanism, Cheung said: Thesis for $LUNA is playing out; $140 price target in the short term still holds. Long term, Terra is one of the few protocols with the potential to be in the trillion-dollar market cap range given TAM for stable coins is infinite. \ud83d\udd25has started Parabolic pic.twitter.com\/Yi1FSTZjSz &mdash; Do Kwon \ud83c\udf15 (@stablekwon) November 10, 2021 Terra (LUNA) Started Its Moon Phase? With Bitcoin moving sideways after the crash, the altcoin market could take the opportunity to diminish the BTC dominance. For LUNA this could translate into price discovery. Related Reading | Why Terra (LUNA) Will Reward Users With New Community Bounty Program To achieve this goal, LUNA must reclaim $54 and smash through the resistance at $56 with a potential short-term price target at $60. Cheung added the following on LUNA\u2019s potential to enter the top 10 by market cap, the current phase of the bull run, and the asset\u2019s fundamentals: It is important to learn to zoom out on the charts. $LUNA &amp; $SOL are amazing buying oppts here, bullish structure still very strong and story continues to get better here. The run is not over yet and both will go parabolic soon. Best assets always have bids.<\/p>\n","protected":false},"author":535,"featured_media":461664,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-476166","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"\n<title>Terra Begins LUNA Burning, Why It Could Target $140<\/title>\n<meta name=\"description\" content=\"Terra (LUNA) has surged during the past week after a period of consolidation as the network has begun burning the supply of its native token.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/terra-begins-luna-burning-why-it-could-target-140\/\" \/>\n<meta property=\"og:locale\" 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/uniquehot.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Terra Begins LUNA Burning, Why It Could Target $140","url":"http:\/\/uniquehot.com\/news\/terra-begins-luna-burning-why-it-could-target-140\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/terra-begins-luna-burning-why-it-could-target-140\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Terra-LUNA-LUNAUSDT.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Terra-LUNA-LUNAUSDT.jpg?fit=993%2C656"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":[],"dateCreated":"2021-11-11T19:00:32Z","datePublished":"2021-11-11T19:00:32Z","dateModified":"2021-11-11T19:00:32Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Terra Begins LUNA Burning, Why It Could Target $140\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/terra-begins-luna-burning-why-it-could-target-140\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/terra-begins-luna-burning-why-it-could-target-140\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/Terra-LUNA-LUNAUSDT.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/Terra-LUNA-LUNAUSDT.jpg?fit=993%2C656\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[],\"dateCreated\":\"2021-11-11T19:00:32Z\",\"datePublished\":\"2021-11-11T19:00:32Z\",\"dateModified\":\"2021-11-11T19:00:32Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Terra-LUNA-LUNAUSDT.jpg?fit=993%2C656","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/476166","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=476166"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/476166\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/461664"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=476166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=476166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=476166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}