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

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

(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
futures aggregate open interest. Source: Coinglass