Terra (LUNA) didn’t follow the strong bearish path of the recent crypto market’s bloodbath witnessed over the weekend and hit a new all-time high around $78.29.
The price rallied from the lows of November around the $40 neighborhood and thus consolidated on the bullish side with a golden crossover of the 50-period and the 200-period simple moving averages.
Now, the 50 SMA is acting as a dynamic support across the board, helping to fuel the bulls’ strength in the near term.
DeFi Popularity Skyrockets
From the broad picture, Terra has a quite significant weekly gain of over 60%, although the price retraced further over -7.42% during Monday. Now, LUNA is exchanging hands at around $63.07.
In fact, according to data from Defilama, Terra’s interest among institutional investors had skyrocketed despite the decrease in the Total Value Locked metrics in several DeFi coins.
In a nutshell, the supply across the top whales that hold LUNA has also significantly performed positively, thanks to the increased interest in the brand-new Terra’s stablecoins such as TerraUSD (UST) TerraCNY, TerraJPY, TerraGBP, TerraKRW, TerraEUR, and TerraSDR.
DeFi Coin Struggles to Find Bullish Momentum
In the short-term outlook, as the coin’s price is currently riding a retracement, once it picks up new bids at the current stage, LUNA could break above the all-time highs around $76 to rally towards the $80 zone.
However, once the 50 SMA gives up in favor of the sellers, Terra could plunge towards the $52 handle, which coincides with the 200 SMA in a first degree, followed by the psychological level of $40.
At the H4 chart, the RSI indicator keeps trading the neutral territory’s waters, implying that the coin keeps its directionless mood in the near term.