The price fluctuation of the leading cryptocurrency continued to increase in the second half of the week but has now stabilized for the time being. Despite a sudden rise following the latest Bloomberg report, optimism continues to prevail in the markets. However, there is a problem that could be bothersome for altcoins in the short term.
LUNA Coin Comments
Bitcoin market dominance is increasing with the assumption that interest will shift to BTC due to the upcoming ETF approval. Investors who profited from altcoins are closing their positions and moving to BTC. Yet, we still saw over half a billion dollars liquidated amidst Matrixport rumors. The good news is that the futures market cleanup has cleared the way for a bigger surge.
As altcoins digest the excitement of the first BTC ETF launch, we may see massive rallies again within 10 days as demand is expected to flow there. However, at the beginning of this process, we will likely see interest predominantly remain with BTC for most of the upcoming week.
LUNA Coin’s price is at $0.71 as of the time this article was prepared. The court has officially stamped it as a security, and Do Kwon is in prison. Therefore, it seems there is no logical reason for LUNA Coin investors in the medium and long term. If trading volumes also decline, we may see delisting rumors kill the price within a few months.
On the daily chart, the $0.68 region continues to act as support for LUNA Coin. If there are sudden sales, the price could drop back to the same area from a spike to $0.56. Closures below $0.77 suggest a pause in LUNA Coin’s rise. For a possible turnaround, this level needs to be exceeded and sustained.
If the overselling continues, it wouldn’t be surprising to see a return to the $0.48 region after $0.62 and $0.55.
AVAX Coin Chart Commentary
On the weekly chart, $35 acted as support, and the price was saved from falling back into the $25-$22 range. However, AVAX Coin is unable to reclaim the $38.6 level. Moreover, due to the short-term negativity in altcoins mentioned above, this situation may continue for a while.
On the daily chart, the main barrier is at $39.5, and if overcome, the thresholds of $43.4 and then $50 could be retested.
