Why is LUNA up by more than 7% today?
The cryptocurrency market has been underperforming since the start of the week, but LUNA has been the exception amongst the leading coins.
The broader crypto market has been underperforming since the start of the day. Bitcoin, the leading cryptocurrency by market cap, is down by less than 1% over the past 24 hours, while Solana and the other top coins have lost more than 2% of their values so far today.
However, LUNA, the native coin of the Terra ecosystem, is up by more than 7% over the past 24 hours. Amongst the top 20 cryptocurrencies by market cap, LUNA is the best performer today.
At press time, LUNA is trading at $53 per coin. There is no major catalyst behind LUNA’s ongoing rally.
Only a few coins amongst the leading cryptocurrencies are trading in the green zone. The bearish performance has seen the total cryptocurrency market cap lose more than $100 billion over the weekend and now stand above $1.7 trillion.
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 is currently performing excellently and could rally higher soon.
The MACD line crossed the neutral zone into the positive territory thanks to this latest rally. Meanwhile, the 14-day RSI of 61 shows that LUNA could soon enter the overbought region if the rally continues.
If the bulls continue to control the market, LUNA could break past the first major resistance level at $61.94 over the next few hours. However, it would need the support of the broader market if it intends to trade above $75 for the first time since January.
However, if the bears regain control, LUNA could drop below the $50 psychological level soon. Unless there is an extended rally, LUNA should stay above the $44 support level.
