Current Date: 22 Feb, 2024

Why is LUNA Coin Rising?

Bitcoin price has reclaimed the $43,000 mark as it prepares for tomorrow’s spot Bitcoin ETF stock session opening. 

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However, LUNA, known for its speculative price movements, has started to rise again. This is due to a last-minute announcement, with the price reaching up to $0.78.

Why is LUNA Coin Rising?

According to Reuters, the US SEC is considering postponing the ongoing case/hearing against Do Kwon related to Terra. Although it seems positive in the short term, we know that the SEC has not given up on prosecuting Do Kwon. However, LUNA Coin is very sensitive to such news, which can be misinterpreted, and its optimism is often exaggerated, so the rise should be seen as normal.

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The price, which has risen due to significant buying, may climb further in the coming minutes. However, if we are to see a repeat of previous patterns, the price could reach an attractive point for selling, and speculative traders will quickly start to reduce their holdings. 

Official confirmation of Reuters’ announcement or different statements could fuel the journey to a pre-sale peak.

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Excellence Chukwuma Chukwunaedu

Excellence Chukwuma Chukwunaedu

I enjoy marketing, technology and business. I help businesses and brands connect with their ideal customer profiles and build products that excite them and solve their problems.