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LUNA Becomes Hottest Cryptocurrency Amid Market Downfall, Here's Why

Wed, 02/23/2022 - 09:05
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Arman Shirinyan
Luna receives a large portion of market attention despite losing 45% of its value in the last two months
LUNA Becomes Hottest Cryptocurrency Amid Market Downfall, Here's Why
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Terra's LUNA token has reached the top of the most discussed cryptocurrencies on the market despite unpleasant performance in the last three months, Santiment reports.

According to the social metric, LUNA is seeing the highest percentage of discussion around the token since October, which might be a sign of potentially incoming buying power from retail investors. The spike in social volume led to the positive price action on markets and led to a 15% price increase.

The current increase in social volume could be considered the largest spike in interest in coins in the last six months.

LUNA's market performance

According to TradingView data, Luna has been moving in the descending rangebound for the last 18 days with an average price of $54.50. As the chart suggests, the most recent spike up led to the breakthrough of the range's resistance level.

Additional technical indicators like the Relative Strength Index suggest that the price of LUNA moves in divergence with its chart. Divergence with the indicator suggests that the token is suitable for a short-term reversal.

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The more global picture on the asset's chart does not look pleasant as LUNA has lost more than 45% of its value in the last 60 days. The strong reversal was mostly caused by the general correction on the cryptocurrency market, which led to the drawdown of the majority of assets, like Ethereum, Bitcoin, Solana and others.

Other altcoins like Ethereum and Solana are currently gaining some value after facing a bloodbath on the cryptocurrency market. The second-largest cryptocurrency is trading with a 2.7% price increase, while Solana shows a 4% spike up.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.