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Why is LUNA up more than 20% in the last 24 hours?



 LUNA is one of the best performing cryptocurrencies on the market  over the last 24 hours .


The cryptocurrency has had some excellent performances over the weekend, with the total market cap returning to $1.7 trillion.


Bitcoin and the other leading cryptocurrencies suffered huge losses last week, with the market cap falling below $2 trillion for the first time since August 2021. However, LUNA is currently one of the top performers on the market.


LUNA, the native token of the Terra blockchain, has appreciated more than 20% in value over the past 24 hours, outperforming numerous other cryptocurrencies. Among the top 10 cryptos by market cap, LUNA is the top performer.


At the time of writing, LUNA is trading at $69 per coin and currently holds the ninth position on the market. There is no particular catalyst behind LUNA's ongoing rally.


The main catalyst behind LUNA's ongoing rally is the recovery of the broader cryptocurrency market. Bitcoin, Ether, Binance Coin, Cardano, Solana and other leading cryptocurrencies have performed brilliantly over the past 24 hours.


Important levels at a glance

The LUNA/USDT 4 hour chart is one of the most bullish in the cryptocurrency market right now. Technical indicators are showing that LUNA is recovering from its recent plunge and could surge higher over the course of the week.


LUNA's MACD line has crossed the neutral zone, indicating an uptrend for the cryptocurrency.


The RSI of 54 shows that LUNA could soon enter the overbought territory if market conditions stay the same in the coming hours or days.



If the bulls remain in control, LUNA could surpass the USD 75 resistance level in the coming hours. Barring an extended rally, the second major resistance level at $87 should limit further upside in the short term.

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