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The nightmare days for altcoins have largely been forgotten, and those who saw the rises as a bear trap have been disappointed. We will discuss the current situation specifically for LUNA and AVAX Coin and examine possible price scenarios. Here are the potential targets and current chart comments.
LUNA Coin Commentary
Do Kwon will eventually be extradited to the US, but Montenegro is taking steps that are difficult to understand compared to other countries. The judiciary approves the extradition, but then the ministry intervenes. An appeal is filed, which is then approved by the higher court, and a reevaluation by the lower courts is requested.
Terra’s collapse might have been anticipated by Kwon, which is why he may have chosen Montenegro, assuming a delayed extradition or no extradition at all. Nevertheless, we will see Kwon extradited to the United States eventually, as per the extradition treaty, though South Korea also wants to prosecute and imprison its citizen.
With the recent overturning of the judicial decision, the LUNA Coin price has risen, and its long-term outlook must be considered in light of the details of the incident as described above. In our previous LUNA Coin assessment, we mentioned the possibility of a speculative rise candle forming a long upper wick and a potential reversal to the parallel channel resistance.
If selling continues, the price could drop to $0.8, but first, the $1 psychological support must be lost. For those expecting a rise, closures above the $1.28 region mentioned in previous articles are necessary.
AVAX Price Prediction
Let’s switch from the weekly chart to the daily, as the anticipated rise in our previous assessment has reversed. BTC wiped out $10,000 overnight, and a sharp decline began in altcoins. Investors, even after seeing BTC prices reach all-time highs, couldn’t shake off the fear of “it’s over, we’re heading to the bottom” with each decline. This is mainly because of the painful slaps following every major (apparent) move since the beginning of 2022.
Investors still haven’t recovered from the bear market psychology, so such sell-offs can be considered normal. The AVAX Coin price is still finding buyers below the middle area of $41.5 within the parallel channel.
If selling continues, we could see a drop to $38 and $31.5. Conversely, if it closes above $43.5 and surpasses the $50 resistance area, a rally acceleration is expected.
