Terra defies all odds to join the top 10 club
A relatively unknown coin, Terra has performed exceptionally well this year by gaining a massive 15,000 percent. The surge has seen Terra join the club of top 10 digital coins. With a market capitalisation of $28.58 billion, terra has outperformed Dogecoin and Shiba Inu on this score. It is now closely followed by Polkadot which has a market cap of $28.62 billion. Terra has performed so well this year. From a price of less than half a dollar a year ago, it hit $77.94 on December 5 to cement its legacy as one of the fastest rising cryptos.
Today it is trading at $59.68 from $75.94, showing how volatile the crypto market is. Its breathtaking gains of 15,000 percent this year make the crypto market very exciting for risk-tolerant investors. The sharp rises and sharp falls mean that one can easily make returns and lose the same in one shot.
Terra was founded in January 2018 by Daniel Shin and Do Kwon as a way to drive the rapid adoption of blockchain technology cryptocurrency. It now offers stablecoins pegged to the US dollar, South Korean won, and IMF’s Special Drawing Rights basket of currencies, among others.
Technical analysis
Right now, terra is on an upward trend across all time horizons. Momentum is mixed hence unpredictable. MACD line is above the signal line, indicating a bullish sentiment, yet the RSI of 50 appears neutral. MACD Hisogram bars are declining, which suggests weakening momentum. The nearest support zone is $55, then $50. On the resistance side, the nearest zone is $70, then $80.
