The cryptocurrency market continued its poor performance this week, with several coins trading in the red zone.
The broader cryptocurrency market had underperformed again this week, with the prices of most cryptocurrencies down by over 5% in the past week. Bitcoin is still struggling below the $60k level and is currently trading above $55k, down by more than 3% over the past 24 hours.
However, one of the cryptocurrencies that have been performing well over the past few days is LUNA, the native coin of the Terra blockchain. The cryptocurrency’s price has been up by more than 5% over the past 24 hours, making it one of the top performers amongst the leading 20 cryptocurrencies by market cap.
LUNA’s rally is due to the latest milestone attained by the Terra blockchain. According to recent reports, the total value locked (DeFi) protocols on the Terra blockchain surpassed $12 billion earlier this week.
This latest development made Terra the fifth-largest DeFi blockchain. LUNA has surpassed Avalanche and Shiba Inu and is now the eleventh largest cryptocurrency by market cap.
Key levels to watch
The LUNA/USD 4-hour chart is one of the most bullish in the cryptocurrency space. At press time, LUNA is trading at $68 per coin, its all-time high price. The MACD line is way above the neutral zone, indicating that LUNA is very bullish at the moment.
The RSI of 55 shows that LUNA is heading into the oversold territory. Its technical indicators show that LUNA is rallying, and its price could soar higher in the coming hours. If LUNA can maintain its current momentum, then it could surpass the $70 psychological level in the next few hours.
In the event of an extended rally, LUNA could target the major resistance level at $75 during the weekend. However, it would need the support of the broader market if it intends to cross the $80 mark soon.