After news broke that US President Joe Biden had signed an executive order on digital currencies, the price of Luna coin went up even more than it had ever gone up before. Biden seems to want his government to look into the “advantages and disadvantages” of digital money, which boosted the prices of NEAR and ANC by nearly 20%.
Reasons behind Luna Pump
Terra (LUNA) on Wednesday become the planet’s sixth-largest cryptocurrency after a seven-day bullish run. LUNA has gone up more than 25% on the day, trying to break through its impedance of $86.24. On Wednesday, LUNA’s prices rose to a trading high of $104.58, which is a record number for the company. If you look at the prices over the last eight days, they have dropped to as low as $75. This surge started a bullish engulfing trend, which managed to beat all of that. It looks like the 14-day RSI has hit a ceiling of about 69. If it breaks, the latest high of 74 is highly likely to become the next spot to watch.
Should you buy or sell Luna coin?
A lot of people think this reserve will help Terra’s platform be less volatile, so venture capitalists are excited about it. It has since overtaken Solana (SOL) and Cardano (ADA) to become the world’s most valuable cryptocurrency by market value. With skilled professionals and a thriving community, LUNA coin has a lot of stuff going for it right now. It can talk to a lot of other block chain technologies and also has a lot of growth potential. To become an investor, you must be willing to put your money at risk and not just watch the news.
Key Facts about Luna
LUNA coin is often used as a security rule token to make stable coins, mostly on the Terra blockchain, more secure. To make more TerraUSD, the value of LUNA should be burned to get the same amount of money back. It has been among the strongest cryptocurrencies in 2021, and it has been growing a lot. Since last year, the coin’s value has risen more than 13,800 percent. Most of the top cryptocurrencies haven’t been able to keep up with it. After it rose in value, LUNA has become the ninth most valuable cryptocurrency in the world.