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Saturday, September 24, 2022
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    HomeMarketLUNA outperforms the other major cryptocurrencies

    LUNA outperforms the other major cryptocurrencies

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    The cryptocurrency market is experiencing a blended begin to the week, however LUNA is performing above the opposite main cash.

    The broader crypto market is experiencing a blended begin to the week. The entire market cap is up by lower than 1% within the final 24 hours and presently stands above $1.7 trillion.

    Bitcoin is up by almost 2% thus far at this time and may very well be set to focus on the $40k resistance degree quickly. Nonetheless, the opposite main cryptocurrencies are presently 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 presently 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 may also be attributed to Celsius Network’s recent adoption of Terra’s UST stablecoin. Celsius Community is among the main centralised finance entities presently 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 under the impartial zone, indicating that the latest bearish pattern continues to be affecting LUNA’s efficiency. The 14-day RSI of 49 exhibits that LUNA is not within the oversold area.

    If the optimistic efficiency continues, LUNA might surge previous the primary main resistance degree at $90.52 earlier than the tip of the day. Nonetheless, it might want the assist of the broader market to cross the $95.31 resistance level. 

    If the bears regain management of the market, LUNA might slip under the $80 over the subsequent few hours. Until there may be an prolonged bearish run, LUNA ought to comfortably keep above the $75 assist degree within the quick time period. 





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