Terra LUNA Surges to Record Highs, Shiba Inu Coin Bounces Off Support
The cryptocurrency market has been retreating during most of November, but the retreat has come to an end now, and we are seeing some bullish momentum gathering up. Some cryptocurrencies, such as Terra LUNA, have already resumed the bullish trend, making new highs, while others, such as Shiba Inu, are having second thoughts, so let’s see where these two cryptocurrencies stand right now.
Terra Daily Chart Analysis – Luna Heading for the Moon
Terra LUNA has seen a number of positive events, which have helped it propel its price above $60, turning it into one of the most bullish cryptocurrencies right now. The demand for Terra’s stable coin, UST, has been increasing, which in turn has raised the demand for LUNA coins too. The total value locked (TVL) has reached $12 billion, while the Columbus-5 upgrade, which is one of the most important network upgrades, as it brings about integration with Cosmos’s Inter-Blockchain Communication (IBC) protocol, allowing interoperability between Terra and other IBC-compatible blockchain networks, has been a strong factor in this rally in LUNA coins.
The proposal to burn 88.7 million LUNA coins, which account for around $4.5 billion, passed the public vote several weeks ago, helping to keep the pressure to the upside for Terra LUNA. The retreat in LUNA/USD this month was pretty small, while most of the market dived hard, and now this crypto coin has resumed the bullish trend again, making new highs. The price climbed to $66 yesterday, and now LUNA is heading for $100, which it will probably reach before the end of the year.
Shiba Inu Daily Chart Analysis – Deciding Whether to Resume the Uptrend
The previous high at $0.000035 held as support for Shiba Inu
Shiba Inu showed strong bullish pressure during October, increasing in value by more than 10 times, as it surged from $0.0000070s to $0.000088. But it retreated in November, giving back more than half the gains. However, this has been a good opportunity to buy this cryptocurrency, since the area around $0.000035, which acted as resistance for some time, has turned into support. SHIB/USD bounced around 70% earlier this week, while now it is deciding whether it should resume the bullish trend.
Fundamentals behind Shiba Inu gaming look good, as Shiba enters the world of metaverse. Following that announcement, the top ETH wallet holders holding SHIB accumulated more than 42% more coins in the previous session. Increased buying activity among whales has been the key driver of the bullish action currently underway in the Shiba Inu coin. The Shiba adoption is also increasing, as leading online retail giant, Newegg, has announced that they will start accepting payments with the memecoin soon. So, we expect Shiba Inu to resume its bullish trend again, although you never know when that’s going to happen, so I am just buying some Shiba coins and holding them for now.
Shiba Inu Coin Live Chart
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