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The selloff in Terra Luna Classic (LUNC) prices has continued unabated in the wake of the collapse of FTX and its affiliates. The total cryptocurrency market cap fell below the $1 trillion mark as investors reacted to the bloody mess caused by the now never-ending troubles at one of the world’s largest cryptocurrency exchanges.
The situation has remained the same for Terra Luna Classic, with huge weekly losses accumulating up to 28%. In the past 24 hours, LUNC lost another 6.7% of its value to exchange hands at $0.0001820 at the time of writing.
With many uncertainties emerging in the cryptocurrency space, the chances of an immediate recovery are slim. However, experts expect the market to turn lower soon, paving the way for a general uptrend.
FTX moves funds to cold wallet amid hacking concerns
The FTX exchange on Saturday 12th via Telegram announced a hack attack on the platform in what they saw as a mysterious outflow – a rally of up to $600 million. Users were instructed to remove all FTX apps and not access the exchange’s website.
The rumored $600 million to leave FTX came after the company filed for bankruptcy proceedings under Chapter 11 on Friday.
Meanwhile, a more recent article on CoinDesk reported that exchange executives were trying to move funds to cold wallets as a security measure to “mitigate losses” several hours after the mysterious exit from FTX accounts. The resolution was taken.
The fate of FTX is now in the hands of investigators, who are determined to find out what caused the exchange. Industry leaders such as Binance CEO Changpeng Zhao and Cardano’s Charles Hoskinson say the FTX saga will negatively impact the crypto industry — possibly the space it founded a few years ago.
Terra Luna Classic price: LUNC eyes short-term dip before recovery of $1
Terra Luna Classic price defended the support at $0.0001640 as the market turned bearish. There was a quick rally, but it ended its momentum as the LUNC turned side-by-side with the 50-day exponential moving average (EMA) (in red) at $0.0001949. Due to the already dilapidated market conditions, the coin’s bleeding went uncontrollably to $0.0001820.
If Terra Luna Classic validates the presence of a symmetrical triangle, a 26% freefall could happen. The pattern remains neutral until the break confirms an up or down.
As seen from the perspective of the Moving Average Convergence Divergence (MACD) indicator, a retracement is highly likely. The price of Terra Luna Classic is still valid to avoid trapping a sell signal when the 12-day EMA (in blue) crosses below the 26-day EMA (in red).
Investors are pushing for lower priced LUNCs before entering the market to take advantage of the expected recovery after the dust settles. Relative Strength Index (RSI) – Below the midline will add confidence to the bearish outlook for Terra Luna price if it moves into oversold territory (below 30.00).
Conversely, LUNC may defend support at the rising trend line, preventing a 26% breakout of the triangle to 0.0001345, subsequently putting pressure for a similar break above the triangle.
Remember, symmetrical triangles have exact breakout targets (26% in the case of LUNC) – equal to the distance between the widest points of the pattern – and extrapolated from the breakout point. Such a move would have a positive impact on the price of Terra Luna Classic and set the rally momentum at $1.0000.
Terra Luna Classic Alternatives Promising Huge Profits
As recent events in FTX have unfolded, the crypto market is bound to suppress its bullish outlook. However, interested investors can start looking at other upcoming projects with immense potential to accelerate despite the adverse market conditions.
Tamadoge (Tama) It is one of these unique digital assets, which grew by more than 1,800% (compared to its pre-sale price) at the beginning of October. Listing on OKXOne of the leading exchanges in the crypto industry.
Plus, investors can diversify their crypto portfolio with projects such as Dash Trade, IMPT and Calvaria. All three tokens are undergoing pre-sales and stand for strong fundamentals, indicating a high probability of a rally after their initial exchange listing.
Dash 2 Trade (D2T)
Dash2Trader is a world-class crypto analytics and social trading platform that plans to make it easier for investors to make informed decisions using actionable market data. At the heart of the Dash 2 trade ecosystem is D2T – an ERC-20 token built on the Ethereum blockchain.
think about dash 2 trade As an all-in-one terminal where investors have access to accurate and timely market data to test trading strategies which allows them to take advantage of opportunities in the market.
D2T is currently selling at 0.0513 USDT, but the price will move up to 0.0533 USDT in the next presale phase.
IMPT, built on the Ethereum POS blockchain, is a carbon credit marketplace where users can earn and trade NFT-based carbon offsets, which can also be achieved by shopping with a wide range of eco-friendly retailers. Since carbon credits are now marked as NFTs, it is possible to track them more transparently, which helps to address many issues that have previously affected the carbon market.
IMPT pre-sale raises over $12.6 million A few weeks after its launch, it became one of the most popular crypto sales.
RIA could be the next major cryptocurrency for blockchain gaming enthusiasts. This digital asset offers several promising prospects that are increasing interest among investors.
The native token for Calvaria: Duels of Eternity is the RIA. The game, which takes place in a metaverse with an afterlife theme, aims to help traders purchase non-fungible token (NFT) trading cards. Players are tasked with creating strategies to help them win these battles outright. RIA is a token that makes NFT purchases possible through the in-app NFT Marketplace.
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