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Over the last 24 hours, LUNA has been displaying a bullish trend–making it the best-performing asset among the top 10 cryptocurrencies in CoinGecko. Currently, the coin has touched the $93 line and continues to rise over the course of the day.
At the time of writing, the coin sits at $93.32, a 26.2% increase from yesterday’s price of $73.97. Meanwhile, in the past week, LUNA has dropped to as low as $52.20. Despite the market’s high volatility, it managed to climb its present position.
On December 27, 2021, LUNA reached its All-Time High (ATH) of $103.34. That said, with the crypto market seeing an uptrend in the past hours, could LUNA smash its old record and achieve a new ATH?
As seen on the chart above, LUNA has had a growth rate of around 95% in the past eight days. Now, if the coin will be able to sustain a similar positive trend in the coming days, LUNA could possibly hit a new ATH.
If this happens, bulls need to turn the $100 psychological resistance into support and maintain its price despite expected correction. If it successfully does so, it may even have a miraculous surge up to the forecasted price of $182.
Conversely, if this pattern fails, LUNA will not be able to sustain the predicted ATH. However, market traders can still be bullish since LUNA’s current trading value is just around 12% away from its existing ATH.
In other news, the global crypto market cap saw a 10.4% increase in the past 24 hours, leading to a decent figure of $2 trillion. Moreover, crypto leaders Bitcoin and Ethereum are experiencing a 13.9% and 10.1% surge respectively.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.