Terra (LUNA) is journeying its way back to all-time highs of $85.80 reached on Dec. 4 as it sets to mark the seventh consecutive day in the green. At the time of writing, Terra’s LUNA was exchanging hands at $79.78, after marking intraday highs at $83.12. Terra is one of the few assets trading in green against the backdrop of the entire market. LUNA is up 8.61% in the last 24 hours, up 29.1% weekly and 14847.8% in one year, according to CoinGecko. With a present market capitalization of $29.05 billion, Terra ranks 9th largest cryptocurrency by market capitalization. According to data from DeFi Llama, Terra is the second-largest smart contract platform by total value locked (TVL) at $17.34 billion. TVL is the total value of the cryptocurrency locked to DeFi protocols that are built on a given blockchain. Ethereum remains the DeFi market leader with $149.99 billion in TVL, as per DeFi Llama data.
Key Levels
Resistance Levels: $100.00, $90.00 $85.80
Support Levels: $70.00, $60.00, $51.39
LUNA/USD Daily ChartTerra (LUNA) staged a mighty rally in the last 7 days, reaching highs of $83.12 today. Currently, there is little to no evidence to say that the bullish trend on the daily chart could collapse in the near term. LUNA price is gaining fresh momentum after setting a strong foothold around the MA 50 at $51.37 on December 14.
This helped the RSI to bounce above the 50 neutral mark towards the bullish territory. If the rally surges beyond the $85.80 all-time high in the next couple of sessions, the door would open for the $90-$100 levels. Otherwise, should the bears take control, LUNA price could seek shelter somewhere between $70.82 level and the daily MA 50.
LUNA/USD 4-Hour ChartLUNA is edging higher again after surpassing the moving averages (MA 50 and 200). The momentum indicators are confirming the recent bullish movement. If the bulls stay in control, the next obstacle is the all-time highs at $85.80. A pierce above this level might pave the way for fresh price increases to $100.
Corrective dips, under current conditions, will be expected to offer better buying opportunities. In this case, immediate support is envisaged at $78.49 and $70.49 levels. Major support is seen at the MA 50 and 200 at $65.47 and $57 respectively. Overall, LUNA/USD could push for more gains in the coming sessions as the RSI is yet to confirm overbought conditions.
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