Altcoins turned green again, and as of mid-May, cryptocurrency investors‘ appetite is growing. We mentioned that if this week’s inflation data is positive, we could see good days ahead. Although the bad PPI data advises caution, investors remain hopeful about the market’s future.
LUNA Forum
Platforms where people exchange ideas among themselves are called forums. However, there is no such comment or discussion area specifically for LUNA Coin in Turkey or any other country. Specifically, the Terra ecosystem has been gradually weakening since its collapse in mid-2022. However, investors hoping to profit from speculative price movements have not given up looking for potential rally signals.
The problem is that speculative movements in LUNA Coin or other risky assets are entirely in the hands of market makers or large investors. In other words, they are unpredictable. In the latest market assessment for LUNA Coin, we mentioned the support at $0.55.
The price is still above this support and cannot surpass the resistance at $0.63. If the BTC price can close above $66,000 for a few weeks, speculative traders might initiate some activity here. A potential major rally targeting $1.15 and beyond will start with closes above $0.69.
On the other hand, the parallel channel resistance at $0.8 is an important region for both buying and selling. We can see from the above chart what kind of gain and loss environments the level we have been highlighting for months has triggered.
Avalanche (AVAX)
Major liquidations would have started below the $31.5 level. Fortunately, AVAX bulls managed to push the price up from the key parallel channel support. Now, the AVAX price is moving towards the middle area of the channel. If we see closes above $38, we could target the breakout area between $48 and $50 in the future.
For months, we have been saying that the real rise could start above $50, but AVAX has not achieved this yet. The major unlock next week and the unlocks throughout the year are what are pressuring AVAX. The double-digit annual inflation prevents AVAX from showing a price performance comparable to SOL Coin.
