Monday, February 26, 2024

LUNA Returns From The Dead As Bitcoin Remains Stuck Below $29K

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LUNA returns from the dead with Bitcoin remaining stuck below $29,000 after the new mainnet which came as many problems persist for other altcoins so let’s read more today in our latest altcoin news.

Bitcoin analysts faced another day of frustration on May 28 as BTC/USD refused to offer the volatility ups or down with the community saying that it was not the decoupling they wanted. The data shows that the biggest crypto sticking in a narrow short-term range into the weekend and other forecast support levels to avoid deeper correction that managed to hold in the May 27 Wall Street session but bounced higher and was absent as commentators looked for new cues. The popular trader account Crypto Tony noted:

“Short resistance and long support until one of them breaks. Keep it simple in ranges as they are there to engineer liquidity for trend continuation or reversals.”

Others focused on Bitcoin’s relative underperformance when compared with stocks that finished up at the end of the week and the S&P 500 gained by 2.47% while the NASDAQ Composite Index increased by 3.33%. Unlike Bitcoin, equities markets are making the most of the continued downtrend in the strength of the US dollar while the dollar index circled 101.6 on the day or down from the highs of 105 which marked a new peak last seen in late 2002. Analyst Matthew Hyland noted that the index’s reversal meant that it was challenging the overall uptrend from the start of the year. On altcoins, the revival of the controversial Blockchain protocol Terra was greeted with quite the limp performance.

The terra co-founder Do Kwon confirmed the launch of the new mainnet for the in-house LUNA on the day as LUNA returns from the dead. The concerns were mounting over the other altcoin projects like Celsius which managed to drop from $0.80 to around $0.50 in less than a week. HEX is a proejct that aroused suspicion throughout its existence and suffered a similar fate that declined from over $0.11 a week ago to lows of under $0.05. the top 10 cryptocurrencies by marekt cap copied Bitcoin’s low volatility behavior in the past day with only DOGE seeing some noticeable moves on the upside to reclaim $0.08.

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