Here is why LUNA rallied by over 7% in the past 24 hours
Some cryptocurrencies have been performing well over the past few hours despite the broader market recording losses during that period.
The cryptocurrency market has been in a bearish trend for the past three weeks as Bitcoin and other cryptocurrencies experience a massive dip. However, the market is slowly recovering, with some coins now performing well.
LUNA, the native coin of the Terra blockchain, is one of the top performers in the market at the moment. LUNA’s price is up by more than 7% over the past 24 hours, outperforming the other major cryptocurrencies.
The rally was due to the Terra blockchain reaching a new milestone. Earlier today, the Terra blockchain’s total value locked (TVL) reached $11.9 billion. This latest development makes Terra one of the leading decentralised finance (DeFi) blockchains in the world.
Terra is now competing with the likes of Solana, Ethereum, Avalanche and Cardano in the DeFi space. At press time, LUNA is up by 7% and is trading close to the $64 mark.
Key levels to watch
The LUNA/USD 4-hour chart is one of the most bullish in the cryptocurrency space at the moment, thanks to the coin’s performance over the past few hours. The MACD line is above the neutral zone, indicating a bullish pattern.
Meanwhile, the 14-day RSI just crossed the 60 mark. LUNA is currently bullish,; and it could extend its performance over the coming hours. If the cryptocurrency maintains its current momentum, it could rally past the first major resistance level at $68 over the next few hours.
In the event of an extended rally, LIUNA could rally higher and break past the $70 psychological level before the end of the year. However, the $75 resistance level could cap further upward movement in the short term.
LUNA’s performance over the next few hours could be determined by the broader cryptocurrency market.
