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LUNA Falls To 6-Week Low, As ALGO Surges 15% On Saturday
Despite Terra buying $1.5 billion worth of BTC this week, LUNA slipped to a six-week low to start the weekend. Overall, crypto markets remained in the red, however ALGO was one of the rare exceptions to record significant gains.
Anuj J.
8:13 7th May, 2022
Altcoins

Algorand (ALGO) was easily one of the biggest gainers during Saturday’s session, as prices rose by as much as 15% on the day.

Following yesterday’s low of $0.63, ALGO/USD rallied to an intraday peak of $0.745 to start the weekend.

The surge saw prices move from long-term support of $0.65, to now hovering marginally below resistance of $0.75.

ALGO/USD – Daily Chart

This current ceiling hasn’t been properly broken since March 21, when prices made their way to a high of $0.95.

Although bulls will be hopeful of a break above this current resistance, there remain some notable obstacles in the way.

Once of which being the current resistance level in the 14-day RSI of 52. However, should this be cleared, we will likely see an influx of ALGO bulls.

Terra (LUNA)

Despite continuing to buy billions of dollars worth of BTC for its reserves, LUNA fell for a third straight day on Saturday.

This latest drop saw prices fall to an intraday bottom of $72.34, which is the lowest point prices have hit since February 28.

Following a false breakout of resistance at $86 on Thursday, bears have continued to pile on the pressure on LUNA/USD, with today’s fall moving below support at $78.

LUNA/USD – Daily Chart

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