cryptoknowmics.com
As per previous technical analysis, the value of the cryptocurrency Terra (Luna) has seen a strong upswing. It looks like investors are hyped for the upcoming release of Anchor Protocol— a savings platform that offers low-volatile yields on top of the digital currency. Some of the Anchor tokens will be dropped to LUNA stakers, leading to the price rise in this digital gold.
On March 25, 2021, Thursday, LUNA’s value was up by 3.2 percent to $18.34. And its market is at $7,233,458,994 billion. As analysts feel they cannot look at new cryptocurrency investments without the required investment in LUNA. The uptrend is also being supported by the 25-day and 15-day moving averages. It is also substantially above the lower side of the ascending channel.
Luna has a circulating supply of 390 million LUNA coins and a maximum supply of 959 million.
https://www.tradingview.com/x/4AeoXjkv
Past Performance
LUNA saw some demand in the $17.87-$18.07 area. In the 38.2% Fibonacci Retracement level also there has been reinforcement in the area for the bulls. In the past couple of days, LUNA bulls have defended the $16 mark and driven prices higher, and the rising trading volume on the rally points toward steady demand.
RSI touched 70, the overbought boundary, and pulled back. This could see the price dip to the $17.8 mark before another move upward.
Rising above the $18.8 level, which is the 50% retracement level, would be a sign that LUNA was on its way to $21, and this could take a few days to unfold if demand rises.
LUNA Technical Analysis
In technical analysis, the price expectations of traders are nearly at the same level as they were, following the releases in early 2021. The anticipation of a price hike near the launch has been lost in the dropping volume and demand following weeks of delay.
In LUNA, the price is in a strong uptrend as it continues to make record highs on a daily basis. The bears have been trying to stall the uptrend since March 17. However, this was averted and the price was not down for more than a day, which suggests strong buying on every minor dip.