🚀🚀🚀 #LUNA Makes a Surprise Jump: What’s Fueling the 17% Increase?
Terra's (LUNA) bullish momentum surged after hitting a 7-day low of $0.7903. Within 24 hours, LUNA spiked from $1.078 to an 11-month high of $1.36, currently trading at $1.29, marking a 17% increase.
During this rally, LUNA's market cap and 24-hour trading volume rose by 17% and 63%, reaching $891 million and $401 million respectively, reflecting heightened trader interest.
Analysts closely watch these developments, noting increased trading volume and price surge, indicating robust market participation and potential for a sustained upward trend.
Do Kwon's legal developments also influenced Terra's surge. His release to house arrest reduced uncertainties, positively impacting investor sentiment and prompting discussions on Terra's future.
Technical analysis of LUNA/USD shows Bull Bear Power (BBP) moving into the positive area, indicating potential for a bullish trend reversal and increased purchasing pressure.
The Relative Strength Index (RSI) at 53.71 and Money Flow Index (MFI) at 35.26 indicate a neutral to positive sentiment, signaling a consolidation phase before a potential breakout.
Continued MFI increase may indicate growing bullish sentiment among investors, potentially leading to significant price movement.
Source - coinedition.com