July was a period of losses for cryptocurrency investors. Unfortunately, August isn’t going much better. The ongoing lack of investor interest in the crypto markets has significantly reduced trading volumes, causing many cryptocurrencies to lose critical support levels. So, what are the expectations for LUNA and AVAX?
LUNA Coin Analysis
With a new CEO and no profits, things are becoming increasingly difficult for Terra. After building its own ecosystem worth $40 billion, Terra has been unable to recover from last year’s crash. Furthermore, it doesn’t seem like it will be able to bounce back anytime soon. Despite speculators on social media discussing triple-digit price targets, network activity is not at the desired level. Moreover, all popular applications on the network have migrated to alternative blockchains. This indicates that LUNA Coin may not have a bright future as an altcoin in the long term.
Many investors are aware of this and are buying and selling LUNA Coin for short-term speculative price movements. However, there are also those who expect LUNA Coin to perform well in the long run. They may regret their decision in the end.
Since June 10, the price has been testing the $0.53 level. However, the final support has not been broken yet. In the short term, if there are closings above $0.58, the price could reach $0.68. In the opposite scenario, we may see the price making new lows along with general market declines.
AVAX Price Prediction
Since July 14, the price has been steadily declining. It recently tested $12.3 on August 5 and has now started to recover. If the popular altcoin can see four-hour closings above $12.77, it could gain bullish momentum. The next targets are $13.35, $14.58, and the $15-17 range.
With its recent key openings, AVAX has had a highly inflationary year. Considering the overall market decline, it’s not surprising that the popular Ethereum killer has performed poorly.
For altcoins, a critical threshold is whether BTC will lose $28,300. The king of crypto continues its struggle to hold $29,000.
