LUNA breaks into top 10 after reaching a new ATH

After defeating Dogecoin and Polkadot, Terra (LUNA) has broken into the top 10 cryptocurrency list. The current position of the coin stands at 9.

The token started today’s daily candle at $75.11 and reached a daily high of $78.29. On the other hand, the daily low was $70.72. This led to the formation of a new all-time high for the LUNA token.

The data from CoinMarketCap, which Binance planned to acquire, shows that the Terra (LUNA) token’s trading volume surged by 22.28%, currently resting at $5.1 billion while the market cap surged by 10.20%.

However, there is a constant battle for the 9th position between Polkadot, which rallied after parachain auctions. However, on the whole, the price movement remains bullish for the token.

LUNA price analysis on the daily chart

LUNA price analysis on the daily chart shows that tokens broke out from the upper end of the Bollinger Bands multiple times in recent days. Furthermore, the 50-day and 100-day Moving Average currently rests below the price action.

On the other hand, the volumes support the current breakout from the Bollinger Bands. Rising volumes indicate a further upside for the token.

LUNA price chart by TradingView

The daily chart below shows that the MACD line (blue) broke above the signal line (orange), thereby turning the price action bullish. The MACD histogram also turned bullish, filled with green bars.

The RSI levels show that the token has entered the bullish region as buying pressure has surged. The sellers are unable to meet the demands of the buyers as LUNA hits an all-time high. The RSI gradient supports this analysis.

LUNA price chart by TradingView

The chart down below shows that Terra surpassed Avalanche and Solana in terms of Total Locked Volume, which stands at $14.18 billion. Terra is behind Binance and Ethereum chains. Recently, the TVL in DeFi hit $205 billion and continues to grow.

A major reason for the popularity of Terra is the approval of the historical burn proposal, due to which more than $100 million worth of LUNA tokens.

data from DeFiLlama

This bullish movement comes at the time the SEC is investigating Terraform Labs. However, these events don’t seem to have affected the platform.