When Bitcoin price dropped to $38,000, most altcoins followed the general trend and lost up to 20% of their value in just one day. But, Terra (LUNA) is up more than 25% in the past few days, up against the market.
LUNA/USD 4-hour chart | Source: TradingView
Terra (LUNA) rallied by 25% during Bitcoin price drop to $38,000
As the coin’s daily chart shows, Luna has successfully weathered the massive panic that started in the market after Bitcoin dropped below $39,000 and even managed to rally back above critical technical resistance will now act as support.
At press time, Luna is still trading at $95 and moving above its 50-day moving average, which typically acts as a direct line for any asset moving in a strong uptrend. Luna remained on the aforementioned street from February to April.
As the current daily chart shows, traders have not bet on LUNA continuing its uptrend as the asset moves against the rest of the market for at least 40 days. On April 7, LUNA’s trend was finally broken, with the asset losing around 7% of its value in just one day.
After reversing course, Luna lost another 30% but recovered shortly after gaining 25% as Bitcoin dropped to $38,000. LUNA has remained in an uptrend since July 21, when the market saw a crossover between the 50 and 200 moving averages indicating the start of an extended uptrend.
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