The cryptocurrency market continued in its rebound on Sept. 23 after a sharp sell-off induced by the worries about the Evergrande crisis. Terra (LUNA) is marking the second day in the green after slipping to lows of $24.02 on Sept. 21. At the time of publication, LUNA was exchanging hands at $35.78, up 22.96% in the last 24 hours. Orion Money project is a part of Terra’s fast-growing ecosystem of over 50 upcoming projects and will follow the path of giving back to the Terra community. In this, Orion Money will provide airdrops of 1% of its total supply (10,000,000 ORIONs) to be distributed to Luna Stakers and Orion Validator Delegators. A portion of genesis airdrop will be distributed to all Luna Stakers, proportionally to their Luna staked (with some caps) at the time of the genesis snapshot. While the exact date of the genesis airdrop is yet unknown, a tentative date of October 2021 stands.
Key Levels
Resistance Levels: $46.15, $40.22, $37.64
Support Levels: $30.00, $25.83, $23.00
LUNA/USD Daily ChartLUNA price is firmer after rebounding off Sept 21 lows of $24.02, thus marking the second day in the green. The bulls have cleared the way back to $40 even though the path could be choppy due to mixed market sentiment. $37.64 is the immediate resistance up ahead. Its breach could trigger an extended rally to the $40 psychological level ahead of the all-time highs at $46.15.
The RSI has rebounded into the neutral zone. Above the MA 50 at $28.54 has turned into a demand zone in case Terra needs to consolidate its gains. Risk though is tilted to the upside as prices are now trading well above the moving averages, the upcoming Columbus-5 upgrade scheduled at September’s close also adds to the bullish sentiment.
LUNA/USD 4-Hour ChartLUNA edged higher above the 4-hour moving averages 50 and 200 following a rebound from lows of $24.02 with the RSI jumping into the positive territory. A sustained move higher above the $36.42 high would open the way to target the key $40 level, which would result in extended gains targetting the $50 range.
Alternatively, a dive beneath the moving averages could meet the $31.33 support ahead of the $25.53. Steeper losses could see the $23.63 barrier ahead of the $22.20 level. To summarize, LUNA is depicting a neutral to bullish outlook. Though risks are tilted to the upside, traders should watch the general market trends before placing orders.
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