LUNA Coin Records 100% Growth in a Single Day. Is More Upside Coming?
Since the collapse of the Terra reserves earlier this month, LUNA has been in decline. The once-popular cryptocurrency went up in flames on the market. It went from trading at around $100 to trading at less than a dollar at most, causing its holders to lose billions of US dollars. Many investors continued trading the coin, resulting in several price spikes.
One Day, Up 100%
LUNA recorded its best day since the incident on Sunday. After falling to $0.0001, it quickly rebounded as daily trading volume increased. The digital asset reached $0.0002 on Sunday. Cryptocurrency investors were more than 100% interested, as more people moved into this digital asset. Crypto enthusiasts were increasingly excited as the momentum built.
LUNA’s market capitalization, which had dropped sharply last week, began to recover on the back of this rally. As of Saturday, the market cap was below one billion dollars. It has since climbed to more than $1.2 million.
Although the price is now down 99.9% from what it was just a few weeks ago, volume remains high. The reason the cryptocurrency is so popular at the moment is that it is highly volatile. While volatility is a quick way to lose your money, investors can also make a lot of money fast, which is why renewed interest has emerged.
For example, if an investor put $1,000 into LUNA on Saturday night, they would have earned a 100 percent return. It is not always that straightforward with digital assets like this. $1,000 can easily turn into a pile of dust.
More Upside Ahead for LUNA
A great deal of speculation surrounds LUNA’s future direction. While many are still reeling from the panic that caused millionaires to lose their positions, other traders have settled into a new normal and resumed trading the digital asset.
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Although the digital asset is still heavily in sell territory, recent trends suggest that could change. LUNA was trading mostly in the red last week. Indicators shifted to 72% buy sentiment on Sunday, despite the fact that it is now trading in the red. If the trend continues, the digital asset’s upward momentum could persist and push the price toward $0.0005.
This could be an inverted bear trap. An investor who believes the trend will continue will be convinced recovery is possible. This would then lead to sell-offs, which could drive the price down. If that is the case, LUNA may add another zero to this week’s price.
At the time of writing, the cryptocurrency is trading at $0.0001913. With a market cap of $1.25 billion and an estimated total supply of more than 6.9 trillion tokens, it has risen by 13.28% over the past 24 hours.
