Since earlier this month’s crash of UST, LUNA has seen a decline. The market’s most popular cryptocurrency had fallen to ashes. It had gone from being around $100 in trading to trading below $1 at the most, which led to holders losing billions of USD. Many investors have continued to trade the currency, which led to numerous rallies.
One day, up to 100%
On Sunday, LUNA recorded its best day since the crash. After dropping to $0.0001, it quickly rallied as the daily trading volume increased. The digital asset reached $0.0002 on Sunday. Crypto investors were more interested in the 100%, as more people have moved into this digital asset.
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LUNA’s market cap which had declined significantly last week had begun to pick up on the back of this rally. As of Saturday, the market cap was below $1 billion. It has since risen to above $1.2 million.
Even though the price is now 99.9% below where it was a few weeks back, the volume remains high. The reason the cryptocurrency is so popular right now is because it’s highly volatile. While volatility is a fast way to lose your money, investors can make lots of money quickly, which is why there has been renewed interest.
LUNA prices recover to $0.0002 Source: LUNAUSD at TradingView.com| Source: LUNAUSD on TradingView.com
For example, if an investor put $1,000 into LUNA Saturday night they would get a 100 percent return. It isn’t always easy with digital assets like this. $1,000 could easily become a heap of dust.
More upside for LUNA
Many speculations surround the future direction of LUNA. While many are still reeling from the panic that led to millionaires losing their status, other traders have settled into a new normal and started trading the digital asset.
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Although the digital asset is still heavily in the selling zone, recent trends suggest that it might be changing. LUNA was trading mostly in red last week. The indicators have shifted to 72% buy sentiment on Sunday, despite the fact that they are now trading in red. If the trend holds, the upside to the digital asset could continue and push the price towards $0.0005.
This could be an upside-down bear trap. An investor that believes the trend will continue will convince them that it is possible to make a recovery. This will then trigger sell-offs, which could lead to the stock price plummeting. If that is the case, then LUNA could add another zero to this week’s price.
As of writing, the cryptocurrency trades at $0.0001913. With a market cap at $1.25 billion, and an estimated total supply of over 6.9 trillion tokens, it is up 13.28% during the last 24 hour.
Featured Image from Blaze Trends. Chart from TradingView.com