LUNA is currently outperforming the market after adding more than 6% to its value over the last seven days.
The cryptocurrency market has performed well over the weekend, adding nearly $100 billion to the market cap.
Following the latest rally, the total cryptocurrency market cap is close to the $1.9 trillion mark. Bitcoin, the world’s leading cryptocurrency, is up by less than 1% over the past 24 hours and currently trades around $42k per coin.
Ether is currently underperforming after failing to break past the $3k resistance level. However, LUNA, the native token of the Terra ecosystem, is one of the best-performer amongst the top 10 cryptocurrencies by market cap.
LUNA has added more than 6% to its value over the past seven days, outperforming the broader market in the process.
At press time, LUNA is trading at $92 per coin. There is no major catalyst behind the latest rally except that LUNA is recovering from the poor performance last week.
Key levels to watch
The LUNA/USD 4-hour chart is the most bullish amongst the top 10 cryptocurrencies by market cap. The technical indicators show that LUNA’s value could soar higher soon.
The MACD line is high into the positive zone, indicating bullish momentum. The 14-day relative strength index of 52 shows that LUNA could soon enter the overbought region if the bulls remain in control.
If the market conditions improve, LUNA could cross the first major resistance level at $98.81 over the coming hours. In the event of an extended rally, ETH could trade above the $100 mark for the first time since March 9.
