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Why is LUNA up more than 4% today?



 The cryptocurrency market is having a mixed start to the week, but LUNA is outperforming the other leading coins.


The broader crypto market is seeing a mixed start to the week. The total market cap is up less than 1% in the last 24 hours and is currently over $1.7 trillion.


Bitcoin is up almost 2% so far today and it may soon target the $40,000 resistance level. However, the other major cryptocurrencies are currently underperforming.


LUNA, the native token of the Terra ecosystem, is the best performer among the top 10 cryptocurrencies by market cap.


LUNA has increased in value by more than 4% in the last 24 hours and is currently trading above $83 per coin. The rally comes as UST, the Terra ecosystem stablecoin, overtook BUSD (Binance's stablecoin) for 10th place in the cryptocurrency market.


The rally can also be attributed to Celsius Network's recent launch of Terra's UST stablecoin . Celsius Network is one of the leading centralized finance companies currently operating in the crypto space.

The LUNA/USD 4-hour chart is bearish as LUNA has been underperforming for the past few days. However, the technical indicators show that LUNA's price action is improving.


The MACD line is still below the neutral zone, indicating that the recent bearish trend is still affecting LUNA's performance. The 14-day RSI from 49 shows that LUNA is no longer in the oversold territory.


If the positive development continues, LUNA could climb above the first major resistance level at $90.52 before the end of the day. However, it would need the support of the broader market to surpass the $95.31 resistance point.


If the bears regain control of the market, LUNA could plunge below $80 in the next few hours. Unless there is an extended downtrend, LUNA should remain comfortably above the USD 75 support level in the short-term.


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