LUNA Climbs 600% During 'Crazy Volatility,' Keeping Bitcoin Below $30,000

2022-05-14 | Selina Mathew

LUNA Climbs 600% During 'Crazy Volatility,' Keeping Bitcoin Below $30,000

Traders' risk appetite appears unaffected as LUNA speculation rages once more.

As traders looked forward to a relatively steady weekend, Bitcoin (BTC) failed to recoup $30,000 on May 14.

Longs on Bitfinex are gaining traction.

BTC/USD remained below $30,000, which has now become resistance, according to data from Cointelegraph Markets Pro and TradingView.

The pair had gotten close to $31,000 before retreating, and the end of the regular market trading week was followed by further warnings that a new macro bottom was on the way.

As the dust settled, not everyone remained on the sidelines. Long leverage on the key exchange Bitfinex continues to rise, having previously reached all-time highs.

Terra's plans elicit frantic LUNA actions.

On the day, however, the focus was on Terra's LUNA coin, a Blockchain technology.

After losing nearly half of its value in a week, LUNA saw a little return compared to its all-time highs around $100, but it was extremely profitable for short-term traders.

LUNA rose 100 times from its floor price after reports that developer Terra had plans to "revive" its ecosystem, despite its supply growing to 6.9 trillion tokens.

Many people were taken aback by the price movement.

"The volatility on $LUNA is simply wild," Michal van de Poppe, a Cointelegraph writer, said, adding that it was a "perfect weekend to scalp trade a little."

USDT/USD 1 DAY PRICE CHART - SOURCE: COINMARKETCAP.COM

 

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