The cryptocurrency market is experiencing a mixed start to the week, but LUNA is performing above the other leading coins.
The broader crypto market is experiencing a mixed start to the week. The total market cap is up by less than 1% in the last 24 hours and currently stands above $1.7 trillion.
Bitcoin is up by nearly 2% so far today and could be set to target the $40k resistance level soon. However, the other major cryptocurrencies are currently underperforming.
LUNA, the native token of the Terra ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap.
LUNA has added more than 4% to its value in the last 24 hours and currently 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 in the cryptocurrency market.
The rally can also be attributed to Celsius Network’s recent adoption of Terra’s UST stablecoin. Celsius Network is one of the leading centralised finance entities currently operating in the crypto space.
Key levels to watch
The LUNA/USD 4-hour chart is bearish as LUNA has been underperforming in recent days. However, the technical indicators show LUNA’s price action is improving.
The MACD line is still below the neutral zone, indicating that the recent bearish trend is still affecting LUNA’s performance. The 14-day RSI of 49 shows that LUNA is no longer in the oversold region.
If the positive performance continues, LUNA could surge past the first major resistance level at $90.52 before the end of the day. However, it would need the support of the broader market to cross the $95.31 resistance point.
If the bears regain control of the market, LUNA could slip below the $80 over the next few hours. Unless there is an extended bearish run, LUNA should comfortably stay above the $75 support level in the short term.