Why Are LUNA, CRV, GMT, and FTT Experiencing a Surge? Key Insights for Newcomers

The cryptocurrency market has shown an unexpected surge in the value of several tokens, with LUNA, CRV, GMT, and FTT posting significant gains. Investors demonstrate heightened interest in these tokens, which has seen impressive gains over the last 24 hours.

Several factors fueled the surge in prices, including bullish sentiment, increased trading volumes, and key support and resistance levels. For newcomers to the market, understanding these dynamics can provide valuable insights into the current momentum of these tokens.

Terra (LUNA): A Strong Bullish Push

Terra’s LUNA has surged by 15.27%, recovering from a low of $0.4024 to $0.4639. This sharp upward movement suggests a bullish trend, as the token shows significant recovery.

Source: Coinmarketcap

Trading volume increased by 193.08% to $132.18 million, signaling rising investor activity. Immediate support sits at $0.4024, with resistance at $0.48. A break above this resistance could trigger further bullish momentum, while a drop below $0.44 could signal a reversal.

LUNA/USD 1-hour price chart, Source: Trading view

The 1-hour RSI reads 60.06, suggesting a slight overbought condition, though not yet in strongly overbought territory. Meanwhile, the 1-hour MACD is trading above the signal line, indicating some bullish momentum in the short term, though traders should monitor for potential signs of a reversal.

Curve DAO Token (CRV): Testing Key Resistance Levels

Curve DAO Token (CRV) has gained 17.21%, reaching $0.4224. A notable 37.81% rise in trading volume to $321.44 million highlights growing interest from traders. Support for CRV is at $0.36, which has held strong as the rally began.

Source: Coinmarketcap

However, the token is currently testing resistance at $0.43, and a break above this level could lead to a further climb, with subsequent resistance at $0.45 and $0.50. If the price fails to break $0.43, a retracement to $0.40 or lower may occur, depending on market sentiment.

CRV/USD 1-hour price chart, Source: Trading view

The 1-hour RSI reads 58.28, indicating the stock is neither overbought nor oversold. Meanwhile, the 1-hour MACD is trading above the signal line, suggesting the stock is in a neutral position, with potential for movement in either direction.

Green Metaverse Token (GMT): Gaining Momentum

GMT rose 10.43% to reach $0.1805. Trading volume increased by 46.66%. Immediate support is at $0.1636, with a consolidation zone around $0.17.

Source: Coinmarketcap

The token is now approaching resistance at $0.185, and a breakout above this level would open the door to higher targets at $0.19 and $0.20. However, if GMT struggles to break $0.185, it may retrace toward $0.17, with a potential dip to $0.16 if selling pressure intensifies.

GMT/USD 1-hour price chart, Source: Trading view

The 1-hour RSI is 77.53, indicating the asset may be overbought in the short term, while the 1-hour MACD is trading above the signal line.

FTX Token (FTT): A Sharp Surge in Market Activity

FTX Token (FTT) has experienced a remarkable 35.19% surge, rising from $2.02 to $2.80. The 24-hour trading volume skyrocketed by 224.73%, reaching $193.43 million, indicating significant market activity, possibly due to news or speculation.

Source: Coinmarketcap

Immediate support for FTT is at $2.02, with resistance at $2.80, the token’s peak for the day. If FTT fails to break the $2.80 resistance decisively, a consolidation or price retracement could follow.

Source