The cryptocurrency market has seen unexpected increases in the value of several tokens, with LUNA, CRV, GMT and FTT posting significant gains. Investors are showing increased interest in these tokens, which have shown impressive growth over the past 24 hours.
A number of factors contributed to the rise in prices, including bullish sentiment, increased trading volumes and key support and resistance levels. For those new to the market, understanding these dynamics can provide valuable insight into the current momentum of these tokens.
Terra (LUNA): strong bullish push
Terra LUNA rose 15.27%, recovering from a low of $0.4024 to $0.4639. This sharp upward move suggests a bullish trend as the token shows a significant recovery.
Trading volume increased by 193.08% to $132.18 million, indicating increased investor activity. The immediate support is at $0.4024, resistance is at $0.48. A break above this resistance could trigger further bullish momentum, while a fall below $0.44 could signal a reversal.
The hourly RSI is 60.06, indicating slight overbought, although not yet in heavily overbought territory. Meanwhile, the 1-hour MACD is trading above its signal line, indicating some bullish momentum in the near term, although traders should keep an eye on potential signs of a reversal.
Curve DAO Token (CRV): Testing Key Resistance Levels
Curve DAO token (CRV) gained 17.21%, reaching $0.4224. A noticeable increase in trading volume by 37.81% to $321.44 million indicates growing interest from traders. Support for CRV lies at $0.36, which has remained strong since the rally began.
However, the token is currently testing resistance at $0.43 and a break above this level could lead to further gains followed by resistance at $0.45 and $0.50. If the price fails to break above the $0.43 level, there could be a pullback to $0.40 or lower, depending on market sentiment.
The hourly RSI is 58.28, indicating that the stock is neither overbought nor oversold. Meanwhile, the 1-hour MACD is trading above its signal line, indicating that the stock is in neutral with potential to move in either direction.
Green Metaverse Token (GMT): Gaining Momentum
GMT rose 10.43% to $0.1805. Trading volume increased by 46.66%. The immediate support is at $0.1636 with a consolidation zone around $0.17.
The token is now approaching resistance at $0.185 and a break above this level will open the door to higher targets at $0.19 and $0.20. However, if GMT struggles to break above the $0.185 level, it could return to $0.17 with a potential drop to $0.16 if selling pressure intensifies.
The 1-hour RSI is 77.53, indicating that the asset may be overbought in the short term, while the 1-hour MACD is trading above its signal line.
FTX Token (FTT): a sharp surge in market activity
The FTX token (FTT) experienced a significant rise of 35.19%, rising from $2.02 to $2.80. 24-hour trading volume soared 224.73% to $193.43 million, indicating significant market activity, possibly due to news or speculation.
The immediate support for FTT is at $2.02 and resistance is at $2.80, the token’s peak for the day. If FTT fails to decisively overcome the $2.80 resistance, consolidation or price correction could follow.
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