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Terra (LUNA) has made a comeback with a sharp increase in popularity over the last few hours, leading to excitement that caused the token to trend on platform X.
Investor Interest in LUNA Grows
According to data from 21milyon.com, Terra’s value has increased by over 13% in the last 24 hours. At the time of writing, the token is trading at $1.28 with a market cap of over $889 million, making it the 110th largest cryptocurrency.
The recent price surge has made LUNA a hot topic in the crypto space and has led to its trending status on platform X. As social volume increases, it positively impacts its social metrics. However, despite the price increase, LUNA’s weighted sentiment has decreased, which could indicate a prevailing bearish trend in the market.
According to analyses of data from cryptocurrency analytics firm Santiment, LUNA’s development activity has increased over the past week. This suggests that developers are putting more effort into improving the blockchain. The demand in the derivatives market is also high, as indicated by the funding rate. Open interest has risen along with the price, suggesting a high probability of the price trend continuing.
What Do Terra’s Data Indicate?
Analyses of Terra’s daily chart show that the MACD indicates a clear bullish advantage in the market, which could signal a longer bull run for LUNA. However, the relative strength index (RSI) has recorded a decline, which could pose a problem for the token’s upward trajectory.
On the other hand, as Terra’s value increases, its sibling token Terra Classic (LUNC) has followed a similar trend. According to 21milyon.com, LUNC has seen an increase of over 8% in the last 24 hours. At the time of writing, it is trading at $0.0001654 with a market cap of over $964 million. Additionally, LUNC’s MACD indicates a likelihood of an upward trend. Unlike LUNA, LUNC’s RSI has recorded a sharp increase, suggesting that investors may witness a further price increase in the coming days.
