The prices of 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 performed well over the past week. The prices of most coins have fallen by more than 10% during this period. However, some cryptocurrencies have performed 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 increased by more than 11% in the last seven days, overtaking Dogecoin, Shiba Inu and Avalanche on the market.
LUNA is now the tenth largest cryptocurrency by market capitalization and could be heading towards higher levels if it maintains the current momentum. The main reason for the price increase is the massive increase in their DeFi market.
The Total Value Locked (TVL) of the Terra blockchain exceeded $12 billion earlier this week, making it one of the leading decentralized financial networks (DeFi) in the cryptocurrency space. It is only behind Ethereum, Solana, Binance Smart Chain and Avalanche.
Important levels at a glance
The LUNA/USD 4-hour chart is currently the most bullish among the top 20 cryptocurrencies by market capitalization. The technical indicators of the coin indicate a strong bullish performance. The rally could continue next weekend.
The MACD line is above the neutral zone, which indicates that LUNA is currently bullish. In addition, the RSI of 46 shows that LUNA is coming out of the oversold area and is beginning to develop superbly.
If LUNA maintains its current momentum, it could reach its all-time high of $77 in the coming hours. An extended rally could lead LUNA to surpass the resistance mark of $ 80 before the end of the day. However, it would need the support of the broader crypto market if it is to cross the psychological level of $85.