Could Terra Luna reach the Moon and become as popular as Bitcoin, Ethereum, or Dogecoin?

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Terra Luna (CRYPTO: LUNA) shares are trading higher on Thursday on a green cryptocurrency market.

Terra Luna is the world’s largest dual-token platform, which is a network with two intertwined tokens that have a distinct purpose. LUNA coins are on its native blockchain, while Terra USD Stable Coins (CRYPTO: TUSD) are on the Ethereum blockchain.

Terra Luna was up 8.73% to $ 36.09 at the time of publication.

How to buy Terra (LUNA) now

Terra Luna Daily Chart Analysis

Terra Luna appears to be coming out of what technical traders call a sideways channel after the price breaks through a level it has struggled with in the past.

Crypto has already seen resistance near the $ 35 level as this was an area where crypto had struggled to break through. Now, as it is trading above the area, the crypto may hold this area as support going forward. If he is unable to hold, the next strong support level could be near the $ 24 level.

The crypto is trading above the 50-day moving average (green) and the 200-day moving average (blue) indicating that recent sentiment in the crypto has been bearish.

Each of these moving averages can serve as support going forward.

The Relative Strength Index (RSI) started rising over the past two days and now stands at 55. This shows that there is now more buying pressure in crypto than there is selling pressure.

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What’s next for Terra Luna?

Bullish traders are hopeful that the crypto can maintain itself above the $ 35 level. If the $ 35 level holds, the crypto might be ready to see another head start. Bulls want to see a higher and stronger low trendline shape.

Bearish traders are looking to see the crypto fall back below the $ 35 level and hold it as resistance again. Bears would then like to see Terra Luna fall below the moving averages for a possible change in sentiment and the start of a downtrend.

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