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At press time, Terra [LUNA] was the seventh-largest crypto by market cap. It was trading at $96.37, after rising by 8.86% in 24 hours and rallying by 6.28% over the previous week. Why ought to this imply something particular to buyers? Nicely, $96 is just not too removed from $100, which is a crucial psychological value.
When such ‘targets’ are crossed, new buyers are likely to make fascinating strikes. That’s why it’s properly value maintaining a tally of belongings approaching such milestones.
At press time, Solana [SOL], the sixth-largest crypto by market cap, was altering palms at $100.37. Whereas LUNA continues to be behind, its weekly rallies have been stronger than these of Solana’s. So, you possibly can see why LUNA-holders may be excited.
Within the meantime, right here’s what the metrics must say.
The darkish facet of the moon
You’d assume that buyers could be over the moon [no pun intended] after LUNA’s rally. Nevertheless, Santiment knowledge confirmed that weighted sentiment is in destructive territory. You may assume this can be a unhealthy signal, however in actuality, sustained destructive sentiment may simply be what LUNA must get to $100.
Particularly because it comes with none euphoric spikes triggering promoting stress.
Nevertheless, one issue to remember is that despite LUNA’s rise in value, LUNA volumes have been falling. In spite of everything, an asset’s rising value doesn’t essentially translate to extra volumes and transactions.
Nevertheless, a low-hype rally may once more work in LUNA’s favor.
Supply: Santiment
Nonetheless, one concern is that TradingView’s Relative Volatility Index [RVI] got here in beneath 50 – an indication that volatility might pattern south within the close to future.
Actually, even at press time, LUNA was portray a purple candle. So, it may not but be time for the asset to make its $100 house run.
Supply: TradingView
Nevertheless, one last level of concern is that whereas the worth is – principally – going up, growth exercise on LUNA has been sliding since mid-April, regardless of recovering briefly.
Whereas costs are vulnerable to fluctuation, growth exercise is a fairly good measure of how a lot potential builders see within the undertaking.
Supply: Santiment
For that purpose, it’s not simply sufficient to keep watch over LUNA’s journey to the $100-mark. Buyers must also care about how builders really feel a few undertaking to be able to perceive its long-term potential.
