Despite Terra purchasing $1.5 billion of BTC, LUNA fell to a six week low to begin the weekend. Although crypto markets were generally in red, ALGO managed to make significant gains.
Algorand (ALGO).
ALGO was easily one of the biggest gainers during Saturday’s session, as prices rose by as much as 15% on the day.
Following yesterday’s low of $0.63, ALGO/USD rallied to an intraday peak of $0.745 to start the weekend.
This surge saw the prices rise from $0.65 long-term support to $0.75, and now hovering just slightly below $0.75 resistance.
This current ceiling hasn’t been properly broken since March 21, when prices made their way to a high of $0.95.
Bulls may be optimistic about breaking above the resistance at this point, but it is not without obstacles.
The resistance level at the current RSI 52 of 52 is one example. If this is cleared, then we’ll likely see an increase in ALGO bulls.
Terra (LUNA)
Despite buying billions in BTC to replenish its reserves, LUNA lost its third straight day Saturday.
Prices fell to $72.34 intraday, which was the lowest price point since February 28, when they were at their lowest.
Following a false breakout of resistance at $86 on Thursday, bears have continued to pile on the pressure on LUNA/USD, with today’s fall moving below support at $78.
As of writing, the $72 level seems to be acting as an interim floor, with the bullish engulfing candle that followed February’s low a key reason why some traders are optimistic.
Even though we may not experience the same $20 price surge as that time, if it matures into a solid floor, it might help to inspire more LUNA Bulls to return.
Why haven’t we seen any sizable gains in LUNA despite it building reserves with BTC? We’d love to hear your comments.
Image creditShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.