Terra (LUNA) Price Surged More than 200% Without Any News! Has the Euphoria Market Began?
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Already in the first quarter of 2021, Dogecoin, one of the most popular assets, had a similar price gap. After years of consolidation, the price skyrocketed over 800% in one day. Currently, the price of Terra (LUNA) has also shown a similar rally, rising almost 300% in the last few hours.
Dogecoin had also rallied without any major network updates or announcements, but with huge support from Tesla CEO Elon Musk. At the moment, Terra also has no such rising launch and no mentions from space notables. But still, the price rose almost 286% without any news surrounding the asset.
Therefore, the rise in prices may be due to the euphoric market situation, which may collapse in the coming days.
With the recent rally, the price is now close to its previous level where it is trading shortly after the rebrand. Currently, LUNA price is testing one of the key supports at $7 and is expected to continue its strong rally after a brief consolidation. With the next leg, the price may eventually regain the double-digit target number and secure the levels above $11.
Although the asset has recorded one of the most profitable days, the reason for the rise is rather nebulous. Volume skyrocketed over 3000% to over $8 billion in the last 24 hours. On the other hand, sister tokens Terra Classic(LUNC) & TerraUST (USTC) have fallen significantly.
Therefore, in the Euphoria market, a sharp rise or fall usually has no basis, but only flows according to emotions. Therefore, if sentiment reverses, the Terra (LUNA) price tends to drop sharply.
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