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Is LUNA heading for a new all-time high of $ 80?



Most cryptocurrencies have fallen in the last week. However, LUNA, the native coin of the Terra blockchain, has recovered during this time.

The broader cryptocurrency market has not done well for the past week. The prices of most coins have fallen by more than 10% during this period. However, some cryptocurrencies have done superbly over the past seven days.

LUNA, the native coin of the Terra blockchain, was one of the top performers last week. The price of the coin has risen by more than 11% in the past seven days, overtaking Dogecoin, Shiba Inu, and Avalanche in the market.

LUNA is now the 10th largest cryptocurrency by market cap and could head for higher levels if it maintains the current momentum. The main reason for the price hike is the massive surge in their DeFi market.

The Terra blockchain's Total Value Locked (TVL) topped $ 12 billion earlier this week, making it one of the leading decentralized financial networks (DeFi) in the cryptocurrency space. It's just behind Ethereum, Solana, Binance Smart Chain, and Avalanche.

An overview of important levels

The LUNA / USD 4-hour chart is currently the most bullish of the top 20 cryptocurrencies by market capitalization. The coin’s technical indicators suggest a strong bullish performance. The rally could continue next weekend.

The MACD line is above the neutral zone, which suggests that LUNA is currently bullish. Additionally, the RSI of 46 shows that LUNA is coming out of the oversold territory and is starting to do great.

If LUNA maintains its current momentum, it could hit its all-time high of $ 77 in the coming hours. An extended rally could result in LUNA breaking the USD 80 resistance level before the end of the day. However, it would need the support of the broader crypto market if it is to surpass the $ 85 psychological level.

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