Why is LUNA up by more than 20% in the last 24 hours?
LUNA is one of the best-performing cryptocurrencies in the market over the past 24 hours.
The cryptocurrency has put on some excellent performances during the weekend, with the total market cap closing in on $1.7 trillion again.
Bitcoin and the other leading cryptocurrencies sustained huge losses last week, with the market cap dropping below $2 trillion for the first time since August 2021. However, LUNA is one of the top performers in the market at the moment.
LUNA, the native token of the Terra blockchain, has added more than 20% to its value in the last 24 hours, outperforming numerous other cryptocurrencies in the process. Amongst the top 10 cryptos by market cap, LUNA is the top performer.
At press time, LUNA is trading at $69 per coin and currently occupies the ninth position in the market. There is no special catalyst behind LUNA’s ongoing rally.
The major catalyst behind LUNA’s ongoing rally is the recovery by the broader cryptocurrency market. Bitcoin, Ether, Binance Coin, Cardano, Solana, and other leading cryptocurrencies have been performing excellent over the past 24 hours.
Key levels to watch
The LUNA/USDT 4-hour chart is one of the most bullish in the cryptocurrency market at the moment. The technical indicators show that LUNA is recovering from its recent slump and could rally higher during the week.
LUNA’s MACD line has crossed the neutral zone, indicating a bullish trend for the cryptocurrency.
The RSI of 54 shows that LUNA could soon enter the overbought region if the market condition remains the same over the coming hours or days.
If the bulls remain in control, LUNA could cross the $75 resistance level over the coming hours. Unless there is an extended rally, the second major resistance level at $87 should cap further upward movement in the short term.