Home Cryptocurrency Bitcoin price stuck below $29K as Terra LUNA comes back from the dead

Bitcoin price stuck below $29K as Terra LUNA comes back from the dead

by Gordon James

The Bitcoin price was looking to break above the $30K mark on Tuesday, but it failed due to a sudden and temporary dip in demand. In response, some traders are saying that we may be seeing further falls before another bull run comes through.

The “terra (luna reach $10,000)” is a coin that has been on the rise in recent months. It was originally worth about $1,500 but now it is worth over $29,000. The coin came back from the dead and has now stopped declining.

On May 28, Bitcoin (BTC) experts faced yet another day of frustration as BTC/USD failed to show up or down volatility.

Bitcoin price stuck below $29K as Terra LUNA comes back from the dead1-day candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.

“This isn’t the decoupling we were hoping for.”

The biggest cryptocurrency remained stuck in a small short-term range throughout the weekend, according to data from Cointelegraph Markets Pro and TradingView.

In the May 27 Wall Street trading day, previously projected support levels to prevent a larger decline held, but a rebound upward was equally lacking as pundits sought for new signs.

“Until one of them fractures, there will be short opposition and extended support. Ranges are there to design liquidity for trend continuation or reversals, so keep it simple “Crypto Tony, a prominent trading account, explained the situation in part in a recent tweet.

Others focused on Bitcoin’s relative underperformance when compared with stocks, which finished up at the end of the week. The S&P 500 gained 2.47% on May 27, while the Nasdaq Composite Index was up 3.33%.

This time, though, it seems that things will be different.

Also, this isn’t the decoupling we were hoping for. #Bitcoin $BTC $BTC $BTC $BTC $BTC $BTC pic.twitter.com/krFEurFkaf https://t.co/3YSFbL4rcb pic.twitter.com/krFEurFkaf

May 27, 2022 — Jan Wüstenfeld (@JanWues)

Unlike Bitcoin, stock markets took advantage of the US dollar’s ongoing decline in strength.

On the day, the US dollar index (DXY) hovered at 101.6, down from highs of 105, which represented a high last seen in late 2002.

The index’s reversal, according to analyst Matthew Hyland, indicated that it was now challenging its general advance from the start of the year.

The weekly RSI for the US Dollar (DXY) is approaching a critical challenge of the trend line that began at the beginning of the year: pic.twitter.com/529BsZxshD

May 28, 2022 — Matthew Hyland (@MatthewHyland_)

Do Kwon confirms the revival of LUNA

The contentious Blockchain system Terra’s rebirth on cryptocurrencies was met with sluggish performance.

Airdrops, listing, buyback, and burning are all used by exchanges to support the ‘Terra 2.0 rebirth plan.’

On the same day, Terra co-founder Do Kwon verified the launch of the new mainnet for Terra’s in-house coin LUNA.

You merely need to log into station and refresh the page to see your $LUNA (or $LUNA2 as some exchanges refer to them) token holdings.

Create a station wallet with the same ledger for new users coming in through IBC et cetera, and station should help you through the remaining stages https://t.co/1ZKmCGKLvp

May 28, 2022 — Do Kwon (@stablekwon)

Concerns were also growing about other big cryptocurrency projects, like as Celsius (CEL), which had dropped from At the same time, concern was mounting over other major altcoin projects, notably Celsius (CEL), which had managed to drop from $0.80 to around $0.50 in under a week..80 to roughly At the same time, concern was mounting over other major altcoin projects, notably Celsius (CEL), which had managed to drop from $0.80 to around $0.50 in under a week..50 in less than a week.

Bitcoin price stuck below $29K as Terra LUNA comes back from the dead1-hour candle chart for CEL/USD (FTX). TradingView is the source of this information.

Hex (HEX), a project that has elicited mistrust throughout its existence, has experienced a similar fate, falling from little over Hex (HEX), a project which had aroused suspicion throughout its existence, suffered a similar fate, declining from just over $0.11 a week ago to lows of under $0.05..11 a week ago to under Hex (HEX), a project which had aroused suspicion throughout its existence, suffered a similar fate, declining from just over $0.11 a week ago to lows of under $0.05..05.

The top 10 cryptocurrencies in terms of market capitalization Nonetheless, Dogecoin (DOGE) has mirrored Bitcoin’s low-volatility tendency in the 24 hours leading up to the time of writing, with just a little rise to the upside to recoup The top ten cryptocurrencies by market cap nonetheless copied Bitcoin’s low-volatility behavior in the 24 hours to the time of writing, with only Dogecoin (DOGE) seeing noticeable moves, this time to the upside to reclaim $0.08..08.

Bitcoin price stuck below $29K as Terra LUNA comes back from the dead1 hour candle chart for DOGE/USD (Binance). TradingView is the source of this information.

The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.

The “terra (luna launch)” is a cryptocurrency that was once worth $29,000. The price has now gone down to $2,800.

Related Tags

  • why terra (luna is going down)
  • why is terra luna going up
  • is terra (luna a good investment)
  • next terra (luna)
  • terra projects luna

related posts