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LUNA Outperforms Bitcoin’s Rally, Ready For Massive Gains

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Terra LUNA LUNAUSDT

Bulls are in control as Bitcoin and the crypto market break every all-time high, coming into the top 10 is Terra’s native cryptocurrency LUNA with a 12.9% rally in the daily chart. Trading north of $40, at press time, this cryptocurrency has outperformed BTC and major altcoins in lower timeframes.

LUNA on a rally in the daily chart. Source: LUNAUSDT Tradingview

However, LUNA could be just firing up its engines and getting ready for a fresh leg-up in the short term. The Terra ecosystem has been implementing major improvements to its ecosystem in the past months.

Related Reading | Why The Terra Ecosystem Delayed A Major Mainnet Upgrade For Late September

Therefore, LUNA could have multiple bullish reasons to continue to outperform the market. As researcher Ryan Watkins recently indicated, Terra is closed to implementing all 3 massive upgrades on its infrastructure.

The Colombus-5 and Wormhole V2 upgrades have gone live, and the Inter-Blockchain Communication (IBC) protocol upgrade is set to roll out today, October 20th.

As NewsBTC reported in August, Columbus-5 was delayed providing every actor on the Terra ecosystem with more time to prepare for the upgrade. Designed to introduce a deflationary mechanism for LUNA, this upgrade will increase Terra’s interoperable capabilities while creating more demand for its underlying asset.

In the meantime, the Wormhole upgrade will operate as the communication component between Terra, Ethereum, Solana, Binance Smart Chain, and potentially more blockchains in the future.

Related Reading | Why Terra (LUNA) Will Reward Users With New Community Bounty Program

In addition, the upgrade introduced a user interface that will remove friction between the network value transfer capacity. Finally, the IBC protocol will allow Terra to benefit from “permissionless trans of tokens across chains”. The team behind Wormhole celebrated the achievement:

Terra is known for its vibrant ecosystem, #LUNAtic community, and its decentralized stablecoin, $UST. Terra has grown at a dramatic rate in recent months, and we’re excited to unleash Terra innovation on the SOL, ETH, and BSC communities!

LUNA Ready For Take-Off? Bull Market In Its Early Days

Historically, tokens with interoperable capacities have performed well. Binance Smart Chain token BNB, integrated with its own burn mechanism, went from a low below $30 in 2020 to an all-time high above $600 on the back of its CeDeFi utility.

Related Reading | Can LUNA Reach $170? This VC Fund Thinks It Has The Fundamentals

Terra has another secrete weapon in its stablecoin UST. Talking about recent developments, Watkins claimed that the Terra ecosystem has built the potential for a new cross-chain trade boom. In September, the researcher made the following prediction:

With Colombus-5 and Wormhole V2 going live in the coming weeks, UST growth will likely accelerate, setting it up to challenge DAI for the top spot among decentralized stablecoins.

As seen in the chart below, Terra’s native UST has taken the decentralized stablecoin market by storm. Since February 2021, its dominance over this sector has skyrocketed and seems poised to continue the trend with an upgraded ecosystem.

Terra LUNAUSDT LUNA
Source: Ryan Watkins, Messari via Twitter

As Watkins pointed out, there are two main trends that will allow UST and Terra to grow: new capital coming into the ecosystem due to the upgrades, UST moving onto new platforms.

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AscendEX Lists REVV Token

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AscendEX Lists REVV Token

AscendEX is thrilled to announce the Listing of the REVV Token (REVV) under the trading pair REVV/USDT on AscendEX starting on Dec 8 at 2 p.m. UTC.

REVV is a digital currency gaming platform focusing on racing games and allows for in-game purchases using their native Token REVV. REVV is designed for true digital ownership of game assets, giving players freedom and control over their NFT in-game items across a growing metaverse of racing games. Specifically, it is designed to have titles and NFT items interoperable with each other and other metaverses. Increasing the overall utility over these items would lead to corresponding network effects across the games and the REVV ecosystem. This should in turn enhance the value and support the trading of these items and underlying trading of the REVV token overtime. As the token demand is driven not just by speculation but underlying utility.

The REVV token is designed to encourage true digital ownership of game assets, giving players freedom and control over their NFT in-game items across a growing metaverse of racing games in the REVV Motorsport ecosystem include F1 Delta Time, MotoGP Ignition, and the upcoming titles Formula E: High Voltage and REVV Racing.

REVV is the ERC-20 utility token as the primary currency of purchase, utility, and action across all REVV Motorsport blockchain games by Animoca Brands. The REVV token is a fungible cryptographic token on the Ethereum blockchain. A fungible token is an asset that is interchangeable with tokens of the same type, so that one REVV token always has the same value and properties as any other single REVV token. REVV is the main utility token and in-game currency of the branded motorsports games produced by Animoca Brands, including F1 ® Delta Time, an upcoming title based on MotoGP intellectual property, and a third title to be announced soon. REVV is being leveraged as a cross-title utility, and the driving force behind the Play-to-Earn model.

The REVV Token supports contract operators to provide approval-free REVV tokens transfers throughout the company’s contract ecosystem. This also brings out the potential for frictionless native meta-transactions: the ability to push transactions on the blockchain using REVV as the payment token for the gas, without requiring the native ETH token at all.

AscendEX is thrilled to support the GameFi ecosystem by listing tokens like REVV.

About AscendEX

AscendEX is a global cryptocurrency exchange with a comprehensive product suite including spot, margin, and futures trading, wallet services, and staking support for over 200 blockchain projects such as bitcoin, ether, and ripple. Launched in 2018, AscendEX services over 1 million retail and institutional clients globally with a highly liquid trading platform and secure custody solutions.

AscendEX has emerged as a leading platform by ROI on its “initial exchange offerings” by supporting some of the industry’s most innovative projects from the DeFi ecosystem such as Thorchain, xDai Stake, and Serum. AscendEX users receive exclusive access to token airdrops and the ability to purchase tokens at the earliest possible stage.

To learn more about how AscendEX is leveraging best practices from both Wall Street and the cryptocurrency ecosystem to bring the best altcoins to its users, please visit www.AscendEX.com.

For more information and updates, please visit:

Website: https://ascendex.com 

Twitter: https://twitter.com/AscendEX_Global 

Telegram: https://t.me/AscendEXEnglish 

Medium: https://medium.com/ascendex 

About REVV

REVV is a utility token that serves as the primary currency of purchase, utility, and action across all REVV Motorsport blockchain games by Animoca Brands. REVV is designed to allow for true digital ownership of game assets, giving players freedom and control over their NFT in-game items across a growing metaverse of racing games.

For more information and updates, please visit:

Website: https://revvmotorsport.com/ 

Twitter: https://twitter.com/REVV_Token    

Telegram: https://t.me/REVVCommunity 

Discord: https://discord.gg/sCn3nru 

Disclaimer: This is a paid Press Release. Any information contained in this website is not proposed to be and doesn’t constitute financial advice, investment advice, trading advice, or any other advice. The NewsCrypto is not responsible to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release.

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Ethereum Remains Supported, What Could Spark Fresh Rally

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Ethereum

Ethereum traded above $4,400 before correcting lower against the US Dollar. ETH must stay above $4,150 to start a fresh increase in the near term.

  • Ethereum started a fresh upward move above the $4,200 and $4,250 resistance levels.
  • The price is now trading above $4,200 and the 100 hourly simple moving average.
  • There was a break above a key contracting triangle with resistance near $4,310 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh rally if it stays above $4,200 and the 100 hourly SMA.

Ethereum Price Remains Supported

Ethereum gained pace above the $4,000 and $4,150 resistance levels. ETH even broke the $4,250 level and settled well above the 100 hourly simple moving average.

The price climbed above $4,400 and traded as high as $4,426. It is now correcting gains and traded below the $4,350 level. Ether price declined below the 23.6% Fib retracement level of the recent increase from the $3,901 swing low to $4,426 high.

However, the bulls were active near the $4,250 level and the 100 hourly simple moving average. It is now rising and trading above $4,300.

There was a break above a key contracting triangle with resistance near $4,310 on the hourly chart of ETH/USD. An initial resistance on the upside is near the $4,350 level. The first major resistance is near the $4,400 level. The next major hurdle is near the $4,520 level.

Source: ETHUSD on TradingView.com

A clear move above the $4,420 could send the price further higher. In the stated case, the price could drift towards the $4,550 level in the near term.

Dips Limited in ETH?

If ethereum fails to start a fresh increase above the $4,350 level, it could extend its downside correction. An initial support on the downside is near the $4,300 level. The key support is now forming near the $4,250 level and the 100 hourly simple moving average.

If there is a clear break below the $4,250 support, the price could extend losses. The next major breakdown support is $4,150 or the 50% Fib retracement level of the recent increase from the $3,901 swing low to $4,426 high, below which the price could decline towards $4,000.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now well above the 50 level.

Major Support Level – $4,250

Major Resistance Level – $4,400

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TA: Bitcoin Consolidates Gains, Why Dips Could Be Limited Below $50K

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Bitcoin

Bitcoin extended its recovery above $51,000 against the US Dollar. BTC must remain stable above $49,500 to continue higher in the near term.

  • Bitcoin started a recovery wave above the $50,500 resistance zone.
  • The price is now trading above $50,000 and the 100 hourly simple moving average.
  • There was a break below a connecting bullish trend line with support near $50,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh increase if it is above the $49,500 level.

Bitcoin Price Loses Steam

Bitcoin price extended its recovery wave above the $50,000 resistance zone. BTC even climbed back above the $50,500 and $51,200 resistance levels.

However, the price failed to surpass the $52,000 resistance zone. A high was formed near $51,955 and the price is now correcting gains. There was a break below the $51,000 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the $47,210 swing low to $51,955 high.

There was also a break below a connecting bullish trend line with support near $50,800 on the hourly chart of the BTC/USD pair. The pair is now trading above $50,000 and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

An immediate resistance on the upside is near the $51,000 level. The next major resistance is near the $51,800 level. A clear break above the $51,080 resistance zone could open the doors for more upsides. The next key resistance is near the $52,000 level, above which the price could rise further. In the stated case, the price could rise towards the $53,500 level.

More Losses In BTC?

If bitcoin fails to clear the $51,800 resistance zone, it could continue to move down. An immediate support on the downside is near the $50,000 level.

The first major support is now forming near the $49,500 level and the 100 hourly SMA. It is near the 50% Fib retracement level of the upward move from the $47,210 swing low to $51,955 high. A downside break below the $49,500 support may perhaps increase selling pressure. The next stop for the bears might be $48,000.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.

Major Support Levels – $50,000, followed by $49,500.

Major Resistance Levels – $51,800, $52,000 and $53,500.

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