LUNA surges by 229% as Terra continues to build on its promise of sustainable development
- Terra announced that the company had completely revamped its website during the wee hours of September 13.
- Despite a staggering 229% rise this week, LUNA is correcting 30%+ on the daily chart.
- The excessive volatility in the market can end up wiping out the entire growth recorded over the last seven days.
The infamous Terra ecosystem, which triggered the market collapse four months ago, is trying to make a comeback, and by the looks of it, there are some positive signs visible, supported by the investors’ bullishness.
Terra is creating a storm on the charts
For almost three months straight, Terra 2.0’s LUNA was bound to be consolidated under the $3 mark as any, and every rise was invalidated soon after. However, last week LUNA skyrocketed by almost 230%, powered by a single-day rise of 188.72% on September 9.
The following 72 hours although begun raising concern for LUNA holders as the cryptocurrency is beginning to fall back down, losing about 33.3% in the same duration.
At the time of writing, LUNA’s price was set to note some more corrections as the altcoin is returning to normalcy after being overbought. Since, inherently, no major development has taken place recently, this sudden buying pressure can only be attributed to FOMO among investors, which furthered the rise.
The closest instance to a development observed in the case of Terra has been the revamping of the website, where Terra added the features of the ecosystem portal and developers’ handbook. Terra is also focusing on its Terra wallet through this website, tweeting,
3/ We also want the process of setting up a Terra wallet to be a seamless experience, so we created a simple step-by-step guide and featured it prominently throughout the site.
— Terra Powered by LUNA (@terra_money) September 12, 2022
Now, new users can set-up their first wallet in just a few minutes
https://t.co/HRJt36pcgj
Good time to get in?
This question would have had a much more favorable answer four days ago when Terra was preparing to shoot up, but at the moment, it is most likely going to face price swings since the volatility on LUNA has increased by 500% this week.
LUNA volatility chart
As visible on the chart, this is the highest volatility recorded in almost three months which is why it is advisable to refrain from jumping right into investing in LUNA, at least not until it finds some stability.
Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
