Most altcoins lost up to 20% of their value in a single day as Bitcoin dropped to $38,000 but Terra (LUNA) spiked by over 25%
Terra Price Spiked By 25% During BTC Drop
Most altcoins followed the general trend and lost up to 20% of their value in a single day as Bitcoin dropped to $38,000. Luna, on the other hand, has risen by over 25% in the last few days, moving up against the market, according to TradingView.
As evidenced by the coin’s daily chart, Luna has successfully weathered the market’s massive panic following Bitcoin’s drop below $39,000 and has even managed to claw back above the important technical resistance that will now act as support.
Luna is currently trading at $95 and is trading above its 50-day moving average, which is commonly used as a directional line for any asset in a strong uptrend. From February to April, Luna remained above the aforementioned line.
Traders were not betting on LUNA’s uptrend continuing, as the asset moved in opposition to the rest of the market for at least 40 days, as the current daily chart shows. On April 7, LUNA’s trend finally came to an end, with the asset losing nearly 7% of its value in a single day.
Luna lost another 30% after the reversal but recovered quickly after gaining 25% as Bitcoin fell to $38,000. Since July 21, when the market saw a cross between the 50 and 200 moving averages, indicating the start of a prolonged uptrend, LUNA has remained in an uptrend.