LUNA Price Analysis: Upside Risks Linger Despite Market Dip, Terra Remains Largest Blockchain per Staked Assets

• LUNA presently trades at $90.60%, up 2.25% in the last 24 hours
• Terra is the largest staked asset among all major cryptocurrencies in terms of total value staked
• Terra presently ranks the second-biggest smart contract platform by total value locked

Terra (LUNA) seems to be showing slight upside risks amid the present market volatility regarding the short-term price action for cryptocurrencies. At press time, LUNA remains one of the few assets trading in the green against the backdrop of the entire market. LUNA presently trades at $90.60%, up 2.25% in the last 24 hours and 18.77% up since the last 7 days. Per Staking Rewards data, Terra is the largest staked asset among all major cryptocurrencies in terms of total value staked, outpacing Solana, Ethereum, and Cardano. Presently, more than $29.1 billion in LUNA have been staked directly on multiple platforms. Annual yields for participants are over 6.4%. Terra also presently ranks the second-biggest smart contract platform by total value locked, coming after Ethereum, according to data provided by DeFi Llama. At a present total value locked (TVL) of $17.67 billion, Terra ranks ahead of Binance Smart Chain, Avalanche, and Fantom.

Key Levels
Resistance Levels: $110.00, $106.29, $97.30
Support Levels: $85.00, $75.00, $60.00

LUNA/USD Daily Chart: Bullish

LUNA/USD Daily Chart

Terra LUNA’s price bounced out of a $90 horizontal resistance line, indicating that the rally that began when LUNA/USD fell to $43.49 support on Jan. 31st is continuing. When the bullish trend bounced off the ascending trendline along the buyers’ confluence zone around the MA 200 zone, it was quite remarkable. The price surge pierced over the key $100 level, then petered out just under $105.00 level.

On pullbacks, the pair tends to be extremely well supported, with a bullish medium to long-term bias in the number 7th cryptocurrency while trading above the $85.00 mark. According to technical analysis, the LUNA/USD pair is still caught in a climbing broad market channel. Traders should be aware that there is currently a growing price channel between the $85 – $105 levels.

LUNA/USD 4-Hour Chart: Ranging

LUNA/USD 4-Hour Chart

On the 4-hour time frame, an intraday high was set at $94.80 below the immediate resistance level at $95.00. It shows that the bears are becoming more hopeful and that they may regain traction against the bulls in the short run. Bullish sentiments may retain with the initial resistance formed by the intraday high at $94.80, as per RSI readings at 50. Once it’s been breached, the focus will shift to nearest support at $85.00.

The LUNA/USD pair is only likely to remain bullish if it trades just above $90.00; the key resistance is seen between $95 and $105. Sellers may test the support levels of $85 and $80 if the LUNA/USD pair goes below $90. A breached ascending trendline positioned along this region may slow recovery; but, if it is not violated, the rebound may begin to regain traction.

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