The cryptocurrency market’s positive turn has riled up the ecosystem with several new investors entering the industry. Altcoins made steady progress on the charts at a time when Bitcoin was tearing through new avenues. One altcoin making a name for itself was Terra [LUNA], as its market cap and volume shot up on Wednesday.
Luna has steadily been climbing ever since the first bull run during the summer. This unprecedented performance was helped along by a strong push from its community. At the time of writing, Terra was trading for $38.98 while its market cap held at a strong $15.629 billion. The day’s trading volume hit $795,368 after a hectic Wednesday that saw the price go up by 8 percent.
LUNA 1 hour price chart:
After registering consecutive green candles, Luna was on the verge of setting new immediate supports. The current support was at $35.6 after the cryptocurrency’s stagnant performance throughout October.
Relative Strength Index: The RSI hit a 2-week high as the graph moved on the overbought threshold. This meant that buying pressure outrightly overtook the selling pressure.
Chaikin Money Flow: The capital coming into the Luna ecosystem increased over the past week. The safety of the zero line looked solid as the graph cleared it with ease.
Bollinger bands: Both the bands moved parallel to each other after a strong Bollinger cloud formation.
LUNA 1-day price chart:
Luna’s distinct price increase was evident on the daily charts as its July losses were covered for. The long-term support was clocked at $25.2.
Chaikin Money Flow: The long-term graph fell below the zero line as the capital outflow overtook the influx. This was also the longest, the graph spent below the zero line since the middle of May.
Relative Strength Index: The long-term RSI was in the middle of the bandwidth. An increase in the HODLers is also expected to benefit the price.
Bollinger bands: Just like the hourly timeframe, the Bollinger bands moved parallel to each other here too.