The cryptocurrency market looks uncertain, having been bearish since November, which followed a downtrend that lasted several months. Cryptocurrencies made massive gains in the last month including Terra LUNA coin and Thorchain RUNE so both of these cryptocurrencies turned bullish which is confirmed by the strong reversal in recent days showing a decent buying pressure.
Terra Daily Chart – Cap $100 Again
The 100 SMA held as support for Luna
Terra LUNA has remained mostly bullish since the start of last year, with occasional dips, which hasn’t really threatened the trend, like in most crypto markets. In December we saw a deep pullback that sent LUNA/USD to $44 due to the Wonderland controversy and earlier this month we saw another pullback but that seems to be over now as the price has increased in recent days. LUNA has risen from around $76 and is now heading towards $100.
The Terra Network is making rapid progress as it continues to grow Bitcoin reserves to around $2.40 billion. This collateral will be used to “provide significant liquidity at a discount” when Terra’s UST coin peg comes under pressure. Terra LUNA is launching a groundbreaking liquidity pool with UST, USDT, USDC and FRAX that will unlock never-before-seen opportunities and provide great returns for liquidity providers, while newly listed on Binance for staking in this network.
After receiving a $1.1 billion donation in March, the Luna Foundation Guard received an additional 10 million LUNA tokens from Terraform Labs worth $980 million at the current price. Thus, the demand remains strong for the LUNA coin, which is likely to break above the $100 level soon.
Thorchain Daily Chart – RUNE bounces off moving averages
The 50 and 200 SMA turned into support for RUNE/USD
Thorchain RUNE had been showing weakness since May last year when the crypto market crashed, not hitting new highs until November as most major cryptocurrencies did. But it has been showing bullish pressure since early March. RUNE/USD started a strong bullish reversal to the upside last month, helped by the rollout of new platform features and what is about to happen.
Traders can trade tokens on different networks, so you won’t need intermediaries when trading non-native cryptos through THORChain. by. They are also launching Thorfinance (Thorfi) which will support borrowing and lending. Thorchain has also launched the Terra Bridge and will soon integrate the THORSwap V1 cross-chain aggregator, so users can swap any ERC-20 token with Bitcoin, TerraUSD and Luna tokens. RUNE/USD has bounced off the 200 SMA (purple) now, helped by the 50 SMA (yellow) as well and has gained around 25% so far.