Bitcoin (BTC) Cryptocurrency markets turned red as the price dropped to $38,000 and followed by other altcoins. While altcoins lost an average of 20% during these declines, one altcoin project did not follow this trend and gained 25% in the last few days.
Terra (LUNA) Gains 25% During Downfalls
As we have reported as Koinfinans.com, as can be seen from the daily chart of the altcoin, Terra (Luna)rallied even after Bitcoin slumped below $39,000 and even managed to bounce back above critical technical resistance, breaking the panic in the markets.
At the time of writing, Terra (LUNA) was trading at $95 and trading above its 50-day moving average, which often acts as a direct line for any asset moving in a strong uptrend. LUNA stayed in the aforementioned range from February to April.
As the current daily chart shows, traders are not betting that LUNA will continue its uptrend as it has been moving against the rest of the market for at least 40 days. On April 7th, LUNA’s trend finally broke and altcoin lost about 7% of its value in just one day.
After reversing the trend, LUNA dropped another 30% but recovered soon after, gaining 25% when Bitcoin dropped to $38,000. LUNA has been in an uptrend since July 21, when the market saw a crossover between the 50 and 200 moving averages, marking the start of an extended uptrend.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.