LUNA rises 600% during ‘crazy volatility’, Bitcoin stays below $30k

Bitcoin (bitcoin) failed to reclaim $30,000 on May 14 as traders expected a relatively stable weekend.

BTC/USD 1 hour candle chart (Bitstamp). Source: TradingView

Bitfinex bulls gather strength

data from Cointelegraph Market Pro and Transaction view Following BTC/USD hovering below $30,000, it is now quickly acting as resistance.

The pair was nearing $31,000 before a retracement, and the end of the traditional market trading week came with new warning A new macro low is yet to come.

Not everyone is staying on the sidelines when the dust settles. On major exchange Bitfinex, long leverage continues to expand and has already hit new all-time highs.

“It’s been another day and Bitfinexors is still loading like someone has a gun,” commentator Johal Miles react The graph next to it shows the trend.

Terra plans to spark frenzy LUNA action

However, attention has focused more on blockchain protocol Terra’s Luna Token of the day.

related: Bit interconnection? ‘Luna Brothers’ Moment Sees Terra Increase 3,500% Token Supply Overnight

After losing almost all of its value in a week, LUNA has rebounded, which is insignificant compared to its all-time highs above $100, but very lucrative for short-term traders.

Even as its supply ballooned to 6.9 trillion tokens, LUNA subsequently appreciated 100x from its reserve price on news from creator Terra has plans to “reinvigorate” its ecosystem.

In the face of price action, many do not believe it.

“The volatility in $LUNA is absolutely insane,” Cointelegraph contributor Michaël van de Poppe Commentadding that it was a “good weekend for scalping”.

LUNA/USD 5-minute candlestick (Bitfinex). Source: TradingView

With the transaction has stopped Still, on the major exchange Binance, LUNA/USD remains a high-risk portfolio with prices that vary widely between minutes and trading venues.

Conversely, those who bought most of the week faced losses on almost all of their positions.

At the time of writing, LUNA/USD was trading at $0.027 on Bitfinex, having risen to $0.034 earlier in the day, 593% above this week’s all-time low of $0.0049.

The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk and you should do your own research when making a decision.