LUNA Explodes 150% in an Hour as Volatility Ramps Up

LUNA – the cryptocurrency behind the Terra ecosystem – is going through major volatility at the time of this writing.

In the past hour alone, LUNA’s price skyrocketed by a whopping 150% and almost touched $5. The move happened with significant volume relative to that of previous days.

• LUNA’s price exploded by a stunning 150% in about an hour and is currently trading at around $4.7, as seen in the chart below.

Source: Binance via TradingView

• It’s also evident that the volatility has picked up tremendously, as the subsequent candle also had an amplitude of about 20%.
• This resulted in a considerable number of liquidations for that particular cryptocurrency. In less than an hour, almost $7 million in leveraged positions were wiped off the market.
• It’s also worth noting that the move comes shortly after LUNC – the cryptocurrency that powers the classic version of Terra’s ecosystem – skyrocketed by about 100% weekly.
• The latter happened because major exchanges such as KuCoin and GateIO extended support for the protocol’s tax-burn mechanism.

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