Biggest Movers: LUNA Climbs 1,500% Following Do Kwon Tweets, While AVAX and NEAR Fall on Saturday

Biggest Movers: LUNA Climbs 1,500% Following Do Kwon Tweets, While AVAX and NEAR Fall on Saturday

Following tweets from Terra founder Do Kwon, LUNA surged by over 1,500% on Saturday. However, with several exchanges halting deposits, only those who entered at the very bottom have seen these gains. This comes as AVAX and NEAR both fell by over 20%. Avalanche (AVAX)

Although LUNA was undoubtedly today’s biggest gainer, recent volatility and price action makes it almost impossible to truly analyze.

However, another relative big mover in today’s session was AVAX, which fell by as much as 20%.

AVAX/USD slipped to an intraday low of $29.55, which as of writing, is 20.83% lower than Friday’s peak of $37.72. AVAX/USD – Daily Chart

Since breaking out of its long-term support level of $65.60 only ten days ago, AVAX has dropped for eight of those sessions, to now trading at a new floor.

This new support looks to be the $28.80 level, which is marginally above a nine-month low in prices.

Despite this recent decline in value, bulls are optimistic about a recovery, as the RSI hovers in oversold territory, which has led some to believe that price strength can only go up from here.

Near Protocol (NEAR)

SOL was also down close to 20% on Saturday, however the drop in NEAR sent prices closer to a nine-month low of its own.

Following a high of $7.58 on Friday, NEAR/USD sank to an intraday bottom of $5.98, which is over 21% lower than yesterday’s price.

NEAR has broken out of two key support levels in the last ten days —first, that of the $12.60 point, and more recently the $9.90 level. NEAR/USD – Daily Chart

As a result of these drops, it has been a struggle for traders to find a new floor, however this seems to have come at $6.00.

Despite prices falling to $3.57 earlier this week, which is the lowest level since last August, we have seen a slight recovery, as AVAX consolidates at the new support point.

The RSI is also tracking in oversold territory, and as of writing is at 25.76, which is its weakest point since September 2020, when the first AVAX token was issued. Tags in this story Analysis, AVAX, LUNA, NEAR, SOL

Is this an ideal time for bulls to re-enter the market? Let us know your thoughts in the comments. Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: ETH Back Below $2,000, BTC Down 6% to Start the Weekend MARKET UPDATES | 9 hours ago Biggest Movers: SHIB, DOT Nearly 30% Higher, as SOL Also Surges MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleReport: Terra Founder Do Kwon’s Spouse Seeks Police Protection After the LUNA and UST Fallout Next articleGermany Declares Crypto Gains Tax-Free After 1 Year — Even if Used for Staking, Lending Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"

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