Monday’s 25.9% upsurge saw LUNA exploring value levels around its January peak of $92.67. A breakout will allow bulls to push towards the December all-time high of $103.36.
- LUNA touched Monday highs of $91.48 amid bullish actions by the global crypto space.
- $1 billion private sales plus Bitcoin reverse and increased TerraUSD demand remain critical drivers.
- An upward break past the January peak of $92.67 will see LUNA hitting $100.
LUNA saw bullish actions on Monday. That had the crypto recovering from early morning lows at $71.01, surging towards $91.66 before slight corrections. Resistance around $92 plus January’s peak at $92.67 challenged Terra’s upswing. Nevertheless, LUNA gained 25.88%, reversing Sunday’s 7.10% drop, ending the day near $91.30.
Touching another February peak and testing the resistance around $92 means eyeing $100 before December record highs of $103.36.
Stablecoin Demand Exposes December ATH of $103
LUNA Foundation Guard (LFG) private sale offered support over the past week. News about LFG raising $1 billion through private token sales emerged on Wednesday. The Luna Foundation Guard formed a BTC denominated reserve for TerraUST, Terra’s leading stablecoin.
Investors appear attracted to the BTC reserve, created to decrease volatility, ensuring increased safety amid market crashes.
LUNA Price Action
LUNA changed hands around $88.33 at this publication. The altcoin lost 3% of its value overnight.
The altcoin needs to keep the pivot of $84.66 away for an upswing towards the initial critical resistance zone at $98.29. Broad market support remains crucial for LUNA to overcome January’s peak of $92.67.
Another continued rally will see Terra hitting the resistance of $100 before hitting $103.36, December’s all-time peak. The altcoin’s second massive resistance stands at $105.31.
Nevertheless, Bitcoin plunging beneath the pivot level would expose the initial support zone at $77.64. Extended downswings will see LUNA testing the support near $70. LUNA’s 2nd crucial support zone locates at $63.99.
For now, the financial space prints bullish movements, the global crypto market cap gaining more than 10% to hover around $1.91 trillion at this writing. Maintaining such trends will support LUNA’s upside journey.
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