Terra Luna (CRYPTO: LUNA) shares are trading higher Thursday in a green cryptocurrency market.
Terra Luna is the world’s biggest dual-token platform, which is a network with two intertwined tokens that have separate utility. LUNA coins are on its native blockchain, while Terra USD (CRYPTO: TUSD) stablecoins are on the Ethereum blockchain.
Terra Luna was up 8.73% at $36.09 at publication time.
Terra Luna Daily Chart Analysis
Terra Luna looks to be breaking out of what technical traders call a sideways channel after the price crossed a level it struggled to in the past.
The crypto has seen previous resistance near the $35 level, as it was an area where the crypto had struggled to get above. Now, as it trades above the area, the crypto could hold this area as support in the future. If unable to hold, the next strong level of support may be near the $24 level.
The crypto trades above both the 50-day moving average (green) and the 200-day moving average (blue) indicating recent sentiment in the crypto has been bearish.
Each of these moving averages may act as support in the future.
The Relative Strength Index (RSI) started moving up the past couple of days and now sits at 55. This shows there is now more buying pressure in the crypto than selling pressure.
What’s Next For Terra Luna?
Bullish traders are hoping for the crypto to be able to hold above the $35 level. If the $35 level holds, the crypto could be ready to see another leg up. Bulls want to see a strong higher low trendline form.
Bearish traders are looking to see the crypto fall back below the $35 level and hold it as resistance again. Bears would then like to see the Terra Luna fall below the moving averages for a possible change in sentiment and start of a bearish trend.
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