With the recent price pump, major cryptocurrencies are recording new yearly highs, indicating an increased cash inflow with more new investors entering the market daily. Top coins have successfully breached their upper key levels, suggesting a possible surge in the coming time.
The Layer-1 tokens have gained significant momentum within the past day, with LUNA leading the pack with a gain of over 30%, followed by Solana and Avalanche with gains of 25% and 15%, respectively.
The LUNA price was seen trading in a narrow space between $0.3901 and $4336 for a brief period, following the market pump in October, the price gained momentum and broke out of the resistance level.
Terra LUNA then traded in a consolidated range between $0.4336 and $0.4829 for over two weeks, displaying a weak interest among the buyers for the coin. Following this, the LUNA 2.0 recorded a massive jump of over 60% within the past week.
The price recorded a high of $0.8429, after this, the price was rejected, and the price lost momentum and witnessed a 10% drop in its value.
The indicator displays a rising green histogram, indicating an increasing buying and selling pressure for the coin. Further, the Moving Averages Convergence Divergence (MACD) averages show a rising pattern, suggesting the price will continue gaining value in the coming days.
If the bulls push the price above the resistance level of $0.7752, it will regain momentum and prepare to test its upper resistance level of $0.8429 soon. Maintaining the price at that level will set the stage for an attempt to test its resistance level of $0.900 in the coming week.
Conversely, if a trend reversal occurs in the market, the price will lose momentum and fall to test its support level at $0.6207 soon. Moreover, if the bears continue to dominate the market, it will further plunge and test its lower support level of $0.5462 this month.