The crypto market today has performed quite well. LUNA is one of the top gainers, having surged by 16.8% over the last 24 hours to trade at $2.63. However, LUNA has been down by 33% over the past two weeks.
LUNA price rally continues after a 16.8% gain
LUNA is exploding impressively, and the gains could spill over in the coming weeks leading to a prolonged rally. The controversial token is up by double-digits during the past 24 hours, outperforming most of the market. LUNA has also gained by 10% against Bitcoin.
During the past 24 hours, LUNA’s trading volumes are above $552 million, while its market cap is at $431 million, making it the 95th largest cryptocurrency by this metric.
LUNA’s rally could renew trader confidence in the token after dropping by 86% since it was launched towards the end of May. LUNA clinched an all-time low of $1.53 on August 29, but it has since recovered by 69% from these levels.
During the past 24 hours, LUNA’s price has traded between the $2.24 and $2.80 levels, showing a spike in volatility. The rally could be extended if the buying pressure pushed LUNA to test the resistance level of $2.90, after which a rally towards $3 could be created.
Since its launch following the collapse of the original Terra blockchain, LUNA has been a volatile asset, as the network has not seen the same level of adoption by crypto apps. Therefore, the recent uptrend could be a FOMO rally invalidated soon if the buying momentum is lost.
The Relative Strength Index shows that LUNA’s bullish trend is at its peak. Therefore, there is a high possibility that the token could be headed towards breaking past $3 if the bulls can maintain their control over the market.
On the other hand, the Moving Average Convergence Divergence shows that a trend reversal could be on the way as it trends back toward the signal line. Therefore, bears could take over the market if the FOMO dies down. If the uptrend fails, LUNA could drop lower towards $1.50.
LUNA benefits from LUNC’s rally
The broader market has surged during the past 24 hours to reclaim the $1 trillion market cap, which could be aiding LUNA’s rally. However, the main factor behind the rally is the performance of LUNC.
Luna Classic has gained by 44% during the past 24 hours. LUNC’s rally comes following an announcement by Binance that it would support the token’s burn scheme. The announcement follows the approval of a plan by the LUNC community earlier this month to lower the token’s massive supply.
The LUNC token burn plans to burn 1.2% of the LUNC supply for every LUNC transaction on the network. Binance has now said it will burn the equivalent of trading fees when users trade LUNC. Binance traders will voluntarily choose to participate in the 1.2% burn fee.
The positive news surrounding LUNC comes after the founder of Terraform Labs, Do Kwon, became an international fugitive. Interpol has issued a red notice against Do Kwon, according to South Korean authorities. The authorities are seeking to arrest Do Kwon following the $60 billion loss suffered by investors after Terra collapsed in May.
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