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The cryptocurrency market is experiencing a combined begin to the week, however LUNA is performing above the opposite main cash.
The broader crypto market is experiencing a combined begin to the week. The full market cap is up by lower than 1% within the final 24 hours and at the moment stands above $1.7 trillion.
Bitcoin is up by almost 2% to this point in the present day and might be set to focus on the $40k resistance degree quickly. Nonetheless, the opposite main cryptocurrencies are at the moment underperforming.
LUNA, the native token of the Terra ecosystem, is one of the best performer amongst the highest 10 cryptocurrencies by market cap.
LUNA has added greater than 4% to its worth within the final 24 hours and at the moment trades above $83 per coin. The rally comes as UST, the stablecoin of the Terra ecosystem, overtook BUSD (Binance’s stablecoin) to occupy the tenth place within the cryptocurrency market.
The rally will also be attributed to Celsius Network’s recent adoption of Terra’s UST stablecoin. Celsius Community is likely one of the main centralised finance entities at the moment working within the crypto house.
Key ranges to observe
The LUNA/USD 4-hour chart is bearish as LUNA has been underperforming in latest days. Nonetheless, the technical indicators present LUNA’s worth motion is bettering.
The MACD line continues to be beneath the impartial zone, indicating that the latest bearish development continues to be affecting LUNA’s efficiency. The 14-day RSI of 49 reveals that LUNA is now not within the oversold area.
If the constructive efficiency continues, LUNA might surge previous the primary main resistance degree at $90.52 earlier than the tip of the day. Nonetheless, it will want the help of the broader market to cross the $95.31 resistance level.
If the bears regain management of the market, LUNA might slip beneath the $80 over the following few hours. Except there’s an prolonged bearish run, LUNA ought to comfortably keep above the $75 help degree within the quick time period.
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