Skip to main content

Technical Analysis: Terra Luna Drops 20%, While Symbol Token Climbs on Friday

Terra (Luna) was one of this week’s biggest crypto losers, falling by as much as 20% during Friday’s session. Declines in terra came as cosmos (ATOM) also had a double-digit decline.

Biggest gainers

Although crypto markets were mainly trading in the red, symbol (XYM) was one of the rare exceptions to climb higher today.

XYM rose to an intraday high of $0.1728 during Friday’s session, rising from an earlier low of $0.155.

This move started when the symbol surged from its support at $0.146, an area where it has been trading around for the majority of the week.

As of writing, XYM was trading over 7% higher, with price action continuing to gain strength, after a recent breakout from a key RSI resistance point.

The 14-day RSI indicator is currently tracking at 44, following its surge from the 35 level, which was a historical point of price uncertainty.

Traders will likely now wait to see if symbol could reach resistance of $0.189.

Biggest losers

Another day, and cosmos (ATOM) was once again trading lower, falling by as much as 10% in the process. Despite this, it was terra (LUNA) which was Friday’s bear of the day, and was down around 16% as of writing.

The move saw LUNA/USD extend its recent selloff, hitting an intraday low of $47.72, following an earlier high of $58.20.

Looking at the chart below, the decline commenced after a breakout from the $59.75 floor, leading to further drops, which now sees new support of $47.95 being formed.

In addition to the breakout, prices are now heavily oversold, which is one of the only indications that the bearish pressure could be fading.

Will we see any lower lows this weekend from terra? Let us know your thoughts in the comments section below.



from Bitcoin News https://ift.tt/32EYJsw
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more