LUNA up 1,500% after Do Kwon tweet, while AVAX and NEAR fall Saturday – Market Update Bitcoin News

LUNA surged more than 1,500% on Saturday following a tweet from Terra founder Do Kwon. However, with several exchanges stopping deposits, only those at the bottom will see these gains. This is because both AVAX and NEAR are down more than 20%.

Avalanche (AVAX)

While LUNA is undoubtedly the biggest winner today, the recent volatility and price action is almost impossible to really analyze.

However, another relatively large mover in today’s trade was AVAX, which fell as much as 20%.

AVAX/USD fell to a session low of $29.55 and, at press time, was 20.83% below Friday’s high of $37.72.

Biggest movers: LUNA climbs 1,500% after Do Kwon tweet, while AVAX and NEAR fall on Saturday
AVAX/USD – daily chart

AVAX has fallen for eight straight sessions since breaking out of long-term support at $65.60 ten days ago, and is now trading at the new floor.

This new support appears to be at $28.80, just above a nine-month low.

Despite the recent price drop, bulls are optimistic about a recovery as the RSI hovers in oversold territory, leading some to believe that price strength can only rise from here.

Near Agreement (NEAR)

SOL was also down nearly 20% on Saturday, but NEAR’s decline brought prices near nine-month lows.

Following Friday’s high of $7.58, NEAR/USD fell to an intraday low of $5.98, more than 21% below yesterday’s price.

NEAR has broken through two key support levels in the past ten days – first at $12.60 and most recently at $9.90.

Biggest movers: LUNA climbs 1,500% after Do Kwon tweet, while AVAX and NEAR fall on Saturday
NEAR/USD – daily chart

Due to these dips, traders have been struggling to find a new lower bound, but this appears to have reached $6.00.

Although prices fell to $3.57 earlier this week, the lowest level since last August, we saw a small recovery as AVAX consolidated at new support points.

The RSI is also in oversold territory, at 25.76 at press time, the lowest since the first AVAX token was issued in September 2020.

Is this the ideal time for the bulls to re-enter the market? Let us know your thoughts in the comments.

Elijah Danbell

Eliman brings an eclectic perspective to market analysis, having served as a brokerage director, retail trading educator and market commentator for cryptocurrencies, stocks and foreign exchange.

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