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Terra collapsed last year and its founder, Do Kwon, was finally imprisoned this year, but the token still manages to stay afloat. Despite significant losses in the bear market, LUNA Coin investors are eagerly waiting for a price recovery. On the other hand, Avalanche (AVAX) became a victim of inflation in 2023. The introduction of new supply significantly affected its price.
LUNA Coin Analysis
The price, which dropped to $0.39 on October 11, began to recover after hitting the bottom eight days later. LUNA Coin, influenced by the overall market sentiment, was making higher highs until recently. However, it turned downward again due to rejection from the $0.5 threshold. At the time of writing, LUNA Coin is at $0.47, and if it starts closing below $0.463, it could drop to $0.44 and $0.42.
Looking at the weekly chart, the downward momentum that started at the beginning of 2023 has not reversed yet. The price is steadily heading towards zero dollars. A closure above $0.84 is needed to talk about a true comeback. However, neither network data nor the new CEO are giving hope for this to happen.
The Terra lawsuit is ongoing, and there are various allegations. This indicates that the $40 billion ecosystem is counting down to extinction. At least returning to its former glory seems difficult. Investor confidence has been significantly damaged, the UST that would fuel its price has disappeared, and there are many alternative blockchains to Terra in 2021.
Avalanche (AVAX) Analysis
While SOL Coin aims for $40, AVAX price fails to break the $11.9 resistance. A sustainable strong recovery with a 40% annual inflation also seems unlikely. Especially in bear markets, wounds caused by such massive supplies can be fatal. Fortunately, Avalanche is a blockchain that generates utility with a solid foundation, and it can gain momentum in a rally with closures above $13.7.
The daily chart warns that the recent upward trend may start to reverse. Daily closures below $11.4 could push the price back to the $10.2 region. Despite surpassing $34,500 multiple times, BTC has not been able to turn it into support.
