- Terra price has rallied 10% in its quest to reach its all-time high at $34.78.
- LUNA becomes one of the 19 cryptocurrencies to be added on Alto Crypto IRA.
- The ascent to reach an all-time high is sprinkled with $30.55 and $32.35 resistance levels.
Terra price performance has been nothing short of impressive in the past couple of weeks. While many cryptocurrencies struggled to reclaim the pre-May 19 crash levels, LUNA set up a new all-time high.
Terra adoption continues to make headway
Alto CryptoIRA, a self-directed individual retirement account, recently announced the addition of Terra and 19 other altcoins to its platform. Other cryptocurrencies include Axie Infinity Shard (AXS), Chilliz (CHZ), Harvest Finance (FARM) and so on.
Alto CryptoIRA aims “to provide cryptocurrency investors the tax advantages of an Individual Retirement Account (IRA) with the freedom to trade as you please.”
The announcement further adds,
Whether you choose a traditional crypto IRA, which offers tax-deductible contributions, or a Roth crypto IRA, which offers completely tax-free withdrawals upon eligibility, investing in crypto with an IRA means no reporting purchases, sales or trades on your taxes each year.
Terra has been on a blast in the second half of the bull run this year. Perhaps the most significant development is the integration with Wormhole, a bridge that connects the Terra, Ethereum, Solana and Binance Smart Chain ecosystems together.
LUNA price approaches crucial resistance level
LUNA price dropped roughly 26% from August 24 to August 26 from its all-time high at $34.78 to a stable support level at $26.86. While this downswing was observed due to the drop in the cryptocurrency ecosystem, Terra has bounced back quickly as it rose roughly 10% and shows signs of a further ascent.
However, investors need to pay close attention to the $30.75 and $32.35 resistance levels. Rejection at any of these levels will delay the uptrend.
For a retest of the all-time high, LUNA price needs to produce a decisive 6-hour candlestick close above $30.75, which will clear a major hurdle. Following this, Terra needs to slice through $32.35 to take a jab at the all-time high at $34.78.
LUNA/USDT 6-hour chart
While things seem to be going in favor of bulls, a breakdown of the $26.86 support level or the trading range’s midpoint at $25.64 will put LUNA price in jeopardy.
However, if Terra sets up a lower swing below the 62% Fibonacci retracement level at $23.45, it will invalidate the bullish thesis and potentially trigger further descent.
