LUNA Technical Analysis: Is LUNA Rising Back From Its Ashes?

LUNA prices quadruple within a day with the news of the new economic reform of the supply burn rule to keep hyperinflation at bay. The LUNA prices exceed the $6 mark after jumping from the $1.5 bottom level resulting in a jump of 200% in the last 24 hours. The bullish engulfing candle and the lower price rejection in the daily candle tease an uptrend continuation in the Terra market value. So, should you consider joining the uptrend? Key Points: The LUNA price has jumped 4x in the last 24 hours. The bullish crossover in the MACD indicator shows increasing buying pressure. The intraday trading volume in Terra is $7.068 billion. Source – TradingView LUNA Technical Analysis The LUNA price action displays a bearish start for the new token as the market value dipped from the listing price of approx. $10 to the bottom support of $1.50. The bearish trend slowly led to a consolidation range between $1.5 and $2.5, which stretched for almost four months. And then, the Terra Foundation announced the new supply burn rule where 1.2% of every transaction will get burned to avoid any surge in supply. Last summer, the TerraUSD lost its peg to the U.S. Dollar due to the increased supply of LUNC (then known as LUNA), derailing the entire ecosystem. The LUNA crash is at the heart of the ongoing crisis in the crypto market, and this supply rule hopes to avoid repeating the dark past. The new Terra (LUNA) operates separately from Luna Classic, but...