LUNA, AVAX Lead Wednesday’s Crypto Rally – Market Updates Bitcoin News

AVAX and LUNA remained the top gainers in crypto market on Wednesday. This is because the bearish sentiment that has been prevailing recently seems to have temporarily faded. The global crypto market capitalization was now 4.51% more than yesterday’s at this writing.

Terra (LUNA)

AVAX is currently trading over 12% higher in today’s session, climbing to its highest level since Sunday in the process.

Despite these double-digit gains, it was another cryptocurrency that took the title of being today’s biggest gainer.

This was terra (LUNA), which is up by over 20% as of writing, and comes following a three-day winning streak for the world’s ninth-largest cryptocurrency.

Today’s intraday high for LUNA/USD is $63.99. This marks its highest level since January 25, 1995.

As LUNA reached $60.99 per share, breaking through resistance that had held it for one month.

The price strength increased as well. A 14-day peak at 57 was reached, which represents a six week high. However, the resistance level of 58 has already acted to stop bulls from liquidating some previous gains.

Avalanche (AVAX)

AVAX is the 2nd-biggest gainer, with over 12% already traded during the session.

The AVAX/USD price rose to an all-time high of $81.84 at hump day, after a rebound from yesterday’s support level of $68.60.

AVAX also soared above its $79.65 price limit, but this was a fake break after profit-takers seemed to have closed positions

The chart shows that the Relative Strength Index also increased, reaching a 3-day peak of 47.80. It appears to be moving into neutral.

Bulls may target $97.00 resistance if prices shift from oversold to overbought.

Has today’s rally brought an end to the recent bear market? Please share your views with us in the comments.

Eliman Dambell

Eliman is an experienced market analyst with a diverse perspective. Eliman was a broker director and educator in retail trading.