This week, the crypto market has been facing turbulences, with major price dumps being experienced in bitcoin, ethereum and other altcoins. However, the market is slowly recovering, as bitcoin has gained to $44K, while ethereum is at $42K. The gains have been mimicked by other altcoins such as Terra LUNA, which are currently making double-digit gains.
LUNA is trading at $33.42 at the time of writing after a 27.6% gain in 24 hours.
LUNA Price Analysis
LUNA is showing signs of recovery from the price dump that happened yesterday. During the dip, LUNA dropped to lows of $24, but the current market support has enabled the coin to push to new highs.
If the bullish market sentiment across the broader market continues, LUNA will head to the upper resistance of $35. The highest level the coin has achieved in the past 24 hours is $34. A continuation of the upward trajectory will allow LUNA to test these levels, in which case the next target will be $38.
During the bull rally at the beginning of the month, LUNA climbed to an all-time high of $43. If the overall bullish sentiment resumes, these levels could be achieved.
However, the crypto market is currently volatile. Hence, we could see further dips that will push LUNA to lows below $30. While these dips increase demand from traders buying the dip hence periodical recoveries, a strong bearish sentiment could cause major price dips.
The Terra network is becoming popular in the decentralized finance (DeFi) sector. It has seen around $6 billion being pledged on the network by DeFi developers. One of the most notable developments on the Terra network is the Mirror protocol and the Anchor protocol. The two enhance efficiency for the blockchain. The growing adoption of the network by DeFi developers could be good for the Terra LUNA token.
Where to Buy LUNA
To buy LUNA during the current bulls, you can open an account on the following exchanges:
eToro is a social copy trading platform that allows a new trader to copy the trading strategies used by an expert trader. Other user-friendly features of the exchange include low trading fees and support for a broad spectrum of cryptocurrencies and trading pairs.
Gemini is one of the largest cryptocurrency exchange platforms. Gemini supports a variety of cryptocurrencies and trading pairs. It is also licensed in many jurisdictions.
Looking to buy or trade Crypto now? Invest at eToro!
67% of retail investor accounts lose money when trading CFDs with this provider