AVAX and LUNA are among the most popular altcoins in the Turkish crypto community. But what is the current situation? AVAX Coin attracts more attention, thanks to Emin Gün Sirer. Generally, Turkish investors are interested in Ethereum and its competitors. However, the curiosity surrounding LUNA Coin is probably the lingering wound of those trying to catch a falling knife.
Many investors expected a rapid recovery after a 99% drop from $40. In 2021, the generation of investors new to cryptocurrencies learned here that prices could drop by 99% for several consecutive days. Despite the losses, it was an invaluable period in terms of experience. Last year, the collapse of LUNA also taught an important lesson. Even geniuses suffered massive losses in bear markets when everyone was a genius during the bull season.
I do not need to repeat my opinions about LUNA Coin for the long term, as I have stated them many times before. With its management in prison and the new CEO struggling to gain a foothold in the market with so many alternative L2 and L1 projects, survival is difficult.
In the recent evaluation of LUNA Coin, I mentioned that the price could start stabilizing from $0.55. This scenario came true with the negativity of BTC, and it was not surprising to see the speculative rise reverse. As the price continues to close below $0.42, the $0.37 and $0.35 regions could be tested.
If the general market sentiment allows, AVAX price may receive some support when Stars Arena reopens on Sunday. On the other hand, the $9 support is being violated again. It is difficult for high market cap altcoins like AVAX to differentiate positively when Bitcoin is falling. However, if the king of cryptocurrencies enters a sideways trend, we may witness this.
Closing below $9 could open the door to $8.65 and deeper lows. BTC must make deeper dips for this to happen. Yesterday’s closing was below the $26,800 support for BTC, and if it continues to be so, AVAX Coin may find a new local bottom with a $26,000 test over the weekend.
Of course, the cryptocurrency markets are full of surprises. For example, today the expiration of the SEC’s objection period regarding GBTC could have brought some excitement. However, it did not happen. Maybe we will see a delayed reaction.