This week opens ambiguously for the crypto market, but LUNA is outperforming many other leading coins.
The overall cryptocurrency market is experiencing a mixed start to the week. Over the past 24 hours the total market capitalization has risen by less than 1% and currently sits above $1.7 trillion.
Today Bitcoin climbed nearly 2% and could soon attempt to break the $40,000 resistance level. However, several other major cryptocurrencies are showing weaker performance.
LUNA, the native token of the Terra ecosystem, is posting the strongest gains among the top 10 cryptocurrencies by market capitalization.
In the last 24 hours LUNA has appreciated by more than 4% and is currently trading above $83. This uptick began after UST (Terra’s stablecoin) surpassed BUSD (Binance’s stablecoin) and moved into the 10th spot among stablecoins by market metrics.
The rally is also supported by the recent decision of the Celsius Network to adopt UST from Terra. Celsius Network is one of the prominent centralized financial platforms still active in the crypto space, and its use of UST has added momentum to LUNA’s recovery.
Key levels to watch
The 4-hour LUNA/USD chart remains cautiously bearish after several muted days for LUNA, though technical indicators now point to improving price action.
The MACD line is still below the neutral zone, indicating that the recent bearish trend continues to weigh on LUNA. The 14-day RSI sits around 49, suggesting LUNA is no longer in oversold territory and has room to stabilize or move higher.
If the coin continues its upward move, LUNA could surpass the first key resistance level near $90.52 by the end of the day. Clearing the $95.31 threshold, however, will likely require broader market support and sustained buying pressure.
On the downside, if bears regain control of the market, LUNA could fall back below $80 within the next several hours. Absent a sustained bearish run, LUNA should be able to comfortably hold above the $75 support level in the near term.