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The cryptocurrency markets are relatively quiet on Tuesday, portraying mixed sentiments. Terra (LUNA) is currently consolidating in the vicinity of the $30-$32 levels, after spiking to a new all-time high of $37.64 on Aug. 29. At the time of post, LUNA was trading at $31.38, while up 12.26% weekly. Ranking 12th largest, Terra market valuation stands at $13.03 billion with a 24-hour trading volume of $1.25 billion. On Sept. 1st, the Terra Network announced a shift in the date for its upgrade launch, stating: ”The Columbus-5 mainnet deployment will be delayed by nearly 3 weeks until a new block height of 4,724,000, roughly equivalent to the following times: 9/29 at 20:30 PST, 9/30 at 03:30 UTC, 9/30 at 12:30 KST”. LUNA price is yet to react negatively to this news as investors keep fingers crossed on the latest developments.
Key Levels
Resistance Levels: $40.00, $37.64, $35.00
Support Levels: $30.00, $25.83, $23.00
LUNA/USD Daily Chart: Bullish
LUNA/USD Daily Chart
LUNA is consolidating under the $35 level after the action in the past two days repeatedly failed beyond here. Meanwhile, the moving averages are positively aligned after the bullish crossover of the MA 50 above the MA 200. This seems to give a broadly bullish technical picture and there are no signs yet of a change in the uptrend from $5.68 to $37.64 (late July to August rise). The RSI hovers above the 60 positive marks.
While the overall medium-term market structure remains bullish, the shorter-term view is for a consolidation phase between $25.83 and $37.64.There is scope to extend higher if momentum picks up. If buyers manage to pilot past the all-time high of $37.64, the $40 psychological level could become the next resistance target.
LUNA/USD 4-Hour Chart: Ranging
LUNA/USD 4-Hour Chart
As seen on the 4-hours chart, LUNA has gained little today, but it managed to hold below the MA 50 at $31.71.If selling interest intensifies, early support could develop at the $30.53 and the $25.97 level. If the price retraces further, the bears could face a support belt between the $22.51 and the MA 200 ($22.08). Alternatively, if buyers manage to step above the $36.86 high and pilot past the all-time high of $37.64, the upside move could target the $40 level.
Should the asset remain buoyant, the bulls could be encouraged to navigate towards the $50 psychological level. To summarize, The technical oscillators are indicating a mixed momentum. Bulls may choose to ignore the news of the delay and consolidate higher based on strong fundamentals. Terra’s total value locked (TVL) recently rose to $7.3 billion. Alternatively, on the downside, the support at $25.83 could hold the declines.
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