The broader cryptocurrency market has been consolidating at lower levels. However, this has not prevented some altcoins from making notable gains, and some are still pushing towards new highs. Terra LUNA is one of the top markets in the market, and it is among the few altcoins showing a strong price action.
LUNA is trading at $46.21at the time of writing after a 9.9% gain in 24 hours.
LUNA price analysis
LUNA is currently making a strong upsurge, which is mainly coming from increasing buyer support. The majority of the market is cooling down after a strong bullish rally at the beginning of the month.
If LUNA can continue with these gains, it could soon reach the next immediate resistance at $48. Currently, $46 is the highest level attained during the past 24 hours. If the buyer support is maintained, LUNA could soon reach the next target level of $50, signalling a strong bullish rally.
Earlier this month, LUNA had hit a new all-time high of $54, and if the current bulls proceed, it could break past these levels and create an even higher high.
On the other hand, LUNA’s price action could start cooling down because the rest of the market is not showing a strong uptrend. If there is a slump, the lower support of $44 will be retested. If the coin fails to recover at this level, it could push towards a low of below $40.
Earlier this month, the Terra Luna community had passed a proposal to burn around 88.7 million LUNA tokens. The effect of this burning process seems to be showing in the current market uptrend.
Where to buy LUNA
To buy LUNA during the current bulls, you can create a cryptocurrency exchange account on the following platforms:
eToro is one of the leading exchange platforms, and it supports a variety of cryptocurrencies and trading pairs. eToro allows a new trader to copy the trading strategies used by expert traders, and its trading fees are very competitive.
You can also buy LUNA tokens from OKEx. OKEx is one of the largest exchange platforms with support for over 300 cryptocurrencies. OKEx has a user-friendly interface that makes it easy to trade on the platform.
Your capital is at risk.