3 key metrics signal Terra (LUNA) price is preparing for a recovery By Cointelegraph

3 key metrics signal Terra (LUNA) price is preparing for a recovery

Cryptocurrency May 04, 2022 07:00PM ET

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3 key metrics signal Terra (LUNA) price is preparing for a recovery

Terra (LUNA) price lost 31% over the past four weeks, erasing all of the gains accrued year-to-date and even though the token continues to outperform the broader cryptocurrency market by 20%, Terra is struggling to hold above the $85 support.

Previously, a few bullish catalysts were Terra’s USD (UST) stablecoin flipping Binance USD (BUSD) to become the third-largest stablecoin on April 18 and the April 26 announcement that Fireblocks, a digital asset custody platform had seen institutional clients invest over $250 million into the Terra decentralized finance (DeFi) ecosystem.

Luna/USD at Binance (blue) vs. Total crypto capitalization (orange). Source: TradingView

Terra network Total Value Locked, LUNA. Source: DefiLlama

Anchor transaction count. Source: Terrasco.pe

Astroport transaction count. Source: Terrasco.pe

Terrraswap transaction count. Source: Terrasco.pe

Solana futures aggregate open interest. Source: Coinglass

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US 500	3,805.5	-13.3	-0.35%
Dow Jones	31,029.31	+82.32	+0.27%
S&P 500	3,818.83	-2.72	-0.07%
Nasdaq	11,177.89	-3.65	-0.03%
S&P 500 VIX	28.16	0.00	0.00%
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Silver	20.688	-0.050	-0.24%
Copper	3.7627	-0.0090	-0.24%
US Soybeans	1,572.12	-0.38	-0.02%

SPDR S&P 500	380.34	-0.31	-0.08%
iShares Russell 2000	170.69	-1.75	-1.01%
Invesco QQQ Trust	283.80	+0.26	+0.09%
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Amazon.com	108.92	+1.52	+1.42%
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Meta Platforms	163.94	+3.26	+2.03%
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3 key metrics signal Terra (LUNA) price is preparing for a recovery

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