Why is Terra’s LUNA Soaring Lately?
Terra’s LUNA is experiencing a strong bull run into Thursday, with its price strengthening by over 19% in the past 24 hours and by nearly 80% over the past week, buoyed by the upbeat sentiment in the altcoin market. At the time of writing, LUNA/USD is trading at around $30.17.
The growing interest among investors in DeFi and NFTs are one of the biggest factors driving up the interest in this cryptocurrency lately. LUNA is Terra’s very own staking and governance token that helps the protocol maintain its stablecoin prices and helps the blockchain generate one of the highest revenues generated in the crypto space lately.
One of the biggest drivers of the bullish price action we have been seeing in LUNA could be because of Coinbase listing Wrapped Luna (WLUNA) and TerraUSD (UST) – Terra’s stablecoin, on its platform for professional traders, Coinbase Pro. The listing could give a significant boost to the interest in LUNA and the Terra ecosystem among investors, helping the token surge higher.
In addition, LUNA traders are also eagerly looking forward to the Columbus-5 network upgrade which will bring a host of new features to Terra. One of the biggest developments from the rollout of Columbus-5 will be giving all swap fees to LUNA stakers, unlike in the past when they used to be burned. In addition, the upgrade will also entice more projects to launch on Terra, driving up further usage and interest and supporting the LUNA token’s value.
Key Levels to Watch
On the 4-hour chart of LUNA/USD, moving averages and the MACD are signaling a strong bullish bias. Although, the RSI and momentum indicators are suggesting the presence of sellers in the game as well.
Terra’s LUNA has broken past the pivot point at $17.30 and made its way over resistances at $21.64 and $24.01. The next level of interest is the third resistance at $30.72, which it looks like buyers are gearing up to test soon.
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