LUNA Tapped 5-Week High While Bitcoin Rejected At $40K: Analysis

LUNA tapped a 5-week high as bitcoin continues to struggle above $40,000 and failed to break the level as we can see in today’s latest cryptocurrency news.

After being unable to overcome the $40,000 price level, BTC dropped by $2000 in the following hours but then managed to recover some of the losses. Most of the altcoins are calm on a daily scale but looking on a broader timeframe, LUNA tapped a 5-week high and charted a new monthly high. The past few days were volatile for the crypto space as well as other financial markets since Europe saw the first far since 1945. After a few weeks of tensions, Russia launched a special military operation against Ukraine and sent most of the markets into turmoil. BTC crashed to $34,000 but the reassurance from the US and other nations of imposing sanctions, helped it to increase again.

In the following day, but managed to regain its lost value and attempted further increases by challenging $40,000 but to no avail. The rejection drove it south near $38,000. BTC bounced off again and now sits at a level of around $39,000 so as a result, its market cap stands close to $750 billion. As with Bitcoin, most other oceans experienced similar enhanced price fluctuations in the week but most of them are calm now. After the volatile few days where ETH went down to $2200, the second biggest crypto settled near $2750 following a minor daily increase.

Cardano, Avalanche, Polkadot, Dogecoin, Binance Coin are also in the green. TErra is among the best performers again and increased another 4% which drove LUNA to its highest price level of over $75. Ripple, Solana, Shiba Inu all lost traction yesterday and even the low-cap coins stalled with the crypto market than increasing to approximately $1.8 trillion.

As we saw yesterday, Cardano and Avalanche increased hand in hand by 7% and Polkadot increased by 10%. Terra stole the show among the larger cap altcoins with a 22% surge and LUNA now trades at $65. The crypto market cap is up by $150 billion since the low of yesterday and it is close to $1.7 trillion.  Luna leads the recovery. LUNA exploded 25% and the alternative coins experienced even bigger price drops yesterday but most of them are well in the green. Ethereum dumped all the way down to $2,200 but then recovered to $2,600 while Binance coin. Solana and Ripple all increased by 6%

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• Source: https://www.dcforecasts.com/altcoin-news/luna-tapped-5-week-high-while-bitcoin-rejected-at-40k-analysis/