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“I now not feared the darkness as soon as I knew the phoenix in me would rise from the ashes”, mentioned Ms. Luna.
After struggling a big decimation to its worth following UST’s depegging, LUNA recorded a 100% intra-day spike in worth on Could 22. Standing at $0.0001917 at press time with a 16% development in worth within the final 24 hours, elevated accumulation of this token appeared to have been underway.
Why the spike?
The monstrous spike within the worth of the LUNA token might be attributed to quite a few elements. Firstly, on account of the intense devaluation of LUNA that pushed the token to zero, main exchanges put a peg on margin buying and selling and this has prevented merchants from shorting the token. This could be a motive why the worth of the token is up.
Additionally, in a bid to make even on the losses incurred, traders seem to have been closely accumulating the coin to drive up the worth. As well as, steps taken by Do Kwon to revive the token could be resurrecting investor confidence within the token. Therefore the token could have witnessed a bounce in worth.
Let’s additionally check out the token’s efficiency within the final 24 hours.
LUNA-tic spikes
Buying and selling at $0.0001917 on the time of writing, regardless of the woes of the previous few weeks, the LUNA token has been in a position to document a 16% spike in worth up to now 24 hours. Following a 100% increment in worth over the weekend, traders look like ramping up accumulation. With a 108% spike in buying and selling quantity recorded within the final 24 hours, the bulls are at the moment having a discipline day.
Moreover, marking a excessive of $1.41 billion throughout intraday commerce yesterday, the market capitalization of the token noticed a 16.09% improve within the final 24 hours.
Apparently at press time, though the MACD development pointed at a bullish motion, the positions of the Relative Power Index (RSI) and the Cash Move Index (MFI) hinted at a bearish bias. Standing at 14 and 0 respectively, the positions of the RSI and MFI had been indicative of elevated exits by traders; due to this fact a bearish divergence.
What this tells us is that though there’s a bullish angle available on the market, momentum seems to be slowing down.
Supply: CoinMarketCap
What can we “Kwon” on the chain?
Surprisingly, because the LUNA token continued to document unprecedented highs, on a social entrance, traders paid it no consideration. Within the final 24 hours, the social metrics suffered a decline. The social quantity, with a rating of two,264, at press time, bled by 72% within the final 24 hours. Equally, the social dominance suffered a 3% decline within the final 24 hours.
Supply: Santiment
As anticipated, in view of the plans to fork the Terra Community, the event exercise on the token noticed a spike albeit negligible. At press time, this quantity stood at 28.42.
Supply: Santiment
What may he be Do-ing?
The one clear path to revival for the LUNA token is the forking into a brand new chain that was proposed final week. Though implying {that a} burn was underway in an earlier tweet, Do Kwon later denied the identical by saying that nothing occurs when traders ship their LUNA token to the burn deal with besides that they lose their tokens.
To make clear, as I’ve famous a number of instances i dont assume sending tokens to this deal with to burn tokens is a good suggestion – nothing occurs besides that you simply lose your tokens
Need there to be no confusion in any respect https://t.co/GrzG9cclAr
— Do Kwon 🌕 (@stablekwon) May 23, 2022
