LUNA, the Terra blockchain digital currency has shot up by more than 73,000% on Saturday, May 14. This is as per data from Tradingview chart which shows that the coin which traded at an inter-day low of -$0.000000408 rose to $0.ooo301262. The rapid spike in the value of LUNA is already seeing a correction. As per available data, LUNA rose to its high at 10.59 am, Berlin Time.
It is not clear what is responsible for the quick rise in the price of LUNA. At the time of filing, LUNA price at Bitfinex is $0.0400.
What is apparent at the moment is that LUNA cannot be traded and investors in the asset may not be able to swap them on exchanges. The discrepancy in the price of LUNA across exchanges can also be noticed.
Some investors are expressing regret for missing out on the opportunity, but the Terra tokens are still high risk. Moreover, most major exchanges have not activated the sell button for LUNA.
On Binance and Crypto.com, the buy button for LUNA and UST have been disabled. There is also a warning for investors to proceed with care. Even though the charts may not represent the state of the LUNA market, there has been an increase in the volume of LUNA as more investors are eager to buy the coin, Coinmarketcap data shows that LUNA is now ranked the 206th coin according to its capitalization. Prior to the Terra crisis, the coin was among the top 30.
The market sentiment shows that there are more holders willing to sell than those ready to buy. The 10-day moving average indicator shows that LUNA trend has reversed from its downtrend. The 50-day moving average also shows that LUNA downtrend is reversing. The RSI indicator has a value of 53.
If the Terra team’s recovery plan works, we should expect the LUNA to make more gains in the coming days.