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The cryptocurrency market is experiencing a combined begin to the week, however LUNA is performing above the other main cash.
The broader crypto market is experiencing a combined begin to the week. The whole market cap is up by lower than 1% in the final 24 hours and presently stands above $1.7 trillion.
Bitcoin is up by almost 2% up to now at present and could possibly be set to focus on the $40k resistance degree quickly. However, the other major cryptocurrencies are presently underperforming.
LUNA, the native token of the Terra ecosystem, is the greatest performer amongst the high 10 cryptocurrencies by market cap.
LUNA has added greater than 4% to its worth in 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 in the cryptocurrency market.
The rally can be attributed to Celsius Network’s recent adoption of Terra’s UST stablecoin. Celsius Network is one in all the main centralised finance entities presently working in the crypto area.
Key ranges to observe
The LUNA/USD 4-hour chart is bearish as LUNA has been underperforming in current days. However, the technical indicators present LUNA’s value motion is enhancing.
The MACD line remains to be under the impartial zone, indicating that the current bearish pattern remains to be affecting LUNA’s efficiency. The 14-day RSI of 49 exhibits that LUNA is now not in the oversold area.
If the optimistic efficiency continues, LUNA might surge previous the first major resistance degree at $90.52 earlier than the finish of the day. However, 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 under the $80 over the subsequent few hours. Unless there’s an prolonged bearish run, LUNA ought to comfortably keep above the $75 help degree in the quick time period.
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