Terra (LUNA) Soars 9%, Outperforming Other Top Coins

Terra (LUNA) has gained 9% in the last 24 hours outperforming the rest of the cryptocurrency market
Terra (LUNA) Soars 9%, Outperforming Other Top Coins
Terra (LUNA) Soars 9%, Outperforming Other Top Coins

Terra Soars 9%, Outstripping Other Top Coins

Terra (LUNA) has gained 9% in the last 24 hours, outperforming the rest of the cryptocurrency market.

The Terra platform’s governance token is currently outperforming the rest of the cryptocurrency market. On major spot exchanges, it is currently trading at $88.

Despite a significant underperformance in January, LUNA experienced a massive rally in February as a result of the Luna Foundation Guard’s creation of a Bitcoin-denominated stablecoin reserve (LFG).

The LFG’s total reserve balance is currently $2.41 billion, with Bitcoin accounting for 69.3 percent of that total.

Daily Cryptocurrency Market Performance

Daily Cryptocurrency Market Performance. Source: Coin360
Daily Cryptocurrency Market Performance. Source: Coin360
BTC/USD
BTC/USDT Chart. Source: TradingView
BTC/USDT Chart. Source: TradingView

Bitcoin (BTC), the world’s largest cryptocurrency, is also up after reclaiming $40,000, but only by 0.83 percent. Earlier today, the flagship cryptocurrency fell below $39,000, marking its lowest price in more than a month.

For the past few days, Bitcoin has been trading within an ascending channel pattern. For the past few days, the bulls have defended the psychological level of $40,000 but have been unable to achieve a strong rebound off it. This suggests that at higher levels of demand, demand dries up.

On April 18, the bears dragged the price below the immediate support level of $39,200, but the long tail of the candlestick indicates that bulls are buying at lower levels.

Most Altcoins Suffer Downfall

After paring some losses, the largest altcoins, including Ethereum (ETH), are currently flatlining. Cardano (ADA) has dropped below LUNA again, this time by more than 2%. Despite outperforming other top cryptocurrencies, Solana (SOL) remains in seventh place.

ETH/USDT
Most Altcoins Suffer Downfall. ETH/USDT Chart. Source: TradingView
Most Altcoins Suffer Downfall. ETH/USDT Chart. Source: TradingView

On April 18, Ether’s (ETH) tight range trading between the 20-day exponential moving average (EMA) ($3,103) and the 50-day simple moving average (SMA) ($2,991) resolved to the downside. The bulls have pushed the price below the $2,950 immediate support level.

SOL/USDT
Most Altcoins Suffer Downfall. SOL/USDT Chart. Source: TradingView
Most Altcoins Suffer Downfall. SOL/USDT Chart. Source: TradingView

On April 17, Solana (SOL) attempted to break above the 20-day EMA ($106), but the long wick on the day’s candlestick indicates that bears are selling on rallies to this level. On April 18, the selling accelerated, and the bears drove the price below the 50-day simple moving average ($100).

ADA/USDT
Most Altcoins Suffer Downfall. ADA/USDT Chart. Source: TradingView
Most Altcoins Suffer Downfall. ADA/USDT Chart. Source: TradingView

Cardano (ADA) has repeatedly attempted to break through the psychological level of $1 in recent days, but the bears have held their ground. This indicates that the bears were successful in turning the level into resistance.

Stablecoin Market Performance

TerraUSD (UST), the most popular algorithmic stablecoin in the Terra ecosystem, recently overtook Binance USD (BUSD) in terms of market capitalization. It is now the third most popular stablecoin, trailing only Tether (UST) and USD Coin (USDC).