The cryptocurrency market is experiencing a combined begin to the week, however LUNA is performing above the opposite main cash.
The broader crypto market is experiencing a combined begin to the week. The whole market cap is up by lower than 1% within the final 24 hours and presently stands above $1.7 trillion.
Bitcoin is up by practically 2% to this point at this time and might be set to focus on the $40k resistance degree quickly. Nevertheless, the opposite main cryptocurrencies are presently underperforming.
LUNA, the native token of the Terra ecosystem, is the most effective performer amongst the highest 10 cryptocurrencies by market cap.
LUNA has added greater than 4% to its worth within the final 24 hours and presently trades above $83 per coin. The rally comes as UST, the stablecoin of the Terra ecosystem, overtook BUSD (Binance’s stablecoin) to occupy the tenth place within the cryptocurrency market.
The rally can be attributed to Celsius Network’s recent adoption of Terra’s UST stablecoin. Celsius Community is likely one of the main centralised finance entities presently working within the crypto area.
Key ranges to observe
The LUNA/USD 4-hour chart is bearish as LUNA has been underperforming in current days. Nevertheless, the technical indicators present LUNA’s worth motion is bettering.
The MACD line remains to be under the impartial zone, indicating that the current bearish development remains to be affecting LUNA’s efficiency. The 14-day RSI of 49 exhibits that LUNA is not within the oversold area.
If the constructive efficiency continues, LUNA may surge previous the primary main resistance degree at $90.52 earlier than the tip of the day. Nevertheless, it might want the assist of the broader market to cross the $95.31 resistance level.
If the bears regain management of the market, LUNA may slip under the $80 over the following few hours. Except there’s an prolonged bearish run, LUNA ought to comfortably keep above the $75 assist degree within the quick time period.