Terra’s LUNA token jumped 25% in the past 24 hours to lead gains among major cryptocurrencies in a broader market recovery. By shauryamalwa
Terra’s LUNA token jumped 24% in the past 24 hours to lead gains among major cryptocurrencies in a broader market recovery.
LUNA reached weekly highs of $95.36 in early Asian hours before traders took profits and sent prices down by some $6. At the time of writing, the token was trading at $88, up from $50 last Thursday night, with nearly $3.9 billion worth of the tokens traded on various crypto exchanges in the past 24 hours.
The move came days after a similar 25% spike in the token on Friday. However, prices are down 13% from December's lifetime high of $103.RSI, or relative strength index, readings hovered at the 71 level at the time of writing, suggesting further downside to the $86 level, where local support exists. RSI is a price-chart tool that calculates the magnitude of price changes.
Bitcoin traded above $44,000 after falling to as low as $34,550 last week. Analysts suggested the recovery came as Russia’s war against Ukraine bolstered retail demand for cryptocurrencies. Cryptocurrencies regained the $2 trillion market capitalization on Thursday after gaining 11% in the market recovery, data from CoinGecko showed. The markets have added over $500 billion since last week’s lows of $1.5 trillion.
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