July 24, 2024

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Bitcoin price stops $29K as Terra LUNA comes back from the dead

Bitcoin price stops K as Terra LUNA comes back from the dead

Bitcoin (BTCAnalysts faced another day of frustration on May 28 as BTC/USD refused to offer up or down volatility.

BTC/USD 1-day candle chart (Bitstamp). Source: TradingView

Not the class we wanted.

information from Cointelegraph Markets Pro And the TradingView It showed the largest cryptocurrency stuck in a narrow short-term range over the weekend.

Previous predictions Support levels managed to avoid a deeper correction than hold in the Wall Street trading session on May 27, but the bounce to the upside was similarly absent as commentators were looking for fresh signals.

“Short resistance and long support until one of them breaks. Keep it simple in the ranges because they are there to engineer liquidity for trend continuations or reversals,” summed up by popular Crypto Tony trading account in part Last Tweet.

Others focused on Bitcoin’s relative underperformance when compared to stocks, which ended at the end of the week. The S&P 500 is up 2.47% on May 27, while the Nasdaq Composite is up 3.33%.

Unlike Bitcoin, stock markets have been making the most of the ongoing downtrend in the strength of the US Dollar.

The US Dollar Index (DXY) is trading near 101.6 on the day, down from a high of 105, which it had represents the climax It was last seen in late 2002.

Analyst Matthew Hyland noted that the index’s reversal means that it is now challenging its general upward trend since the beginning of the year.

Do Kwon confirms LUNA’s rebirth

On altcoins, the revival of the controversial Blockchain protocol Terra was greeted with poor performance.

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Related: Terra 2.0 Revival Plan is replaced by airdrops, listings, buybacks, and burns

Co-founder Terra Do Kwon confirmed the launch of the new in-house token mainnet LUNA on that day.

At the same time, Anxiety was rising Compared to other major cryptocurrency projects, notably Celsius (CEL), which managed to drop from $0.80 to around $0.50 in less than a week.

1-hour CEL/USD (FTX) candle chart. Source: TradingView

Project Hex (HEX), which has raised doubts throughout its existence, has suffered the same fate, dropping from just $0.11 a week ago to less than $0.05.

However, the top 10 cryptocurrencies by market capitalization have copied Bitcoin’s low-volatility behavior in the 24 hours to the time of writing, with only Dogecoin (dog) Seeing a noticeable move, this time to the upside to retrace back $0.08.

DOGE/USD 1-hour candle chart (Binance). Source: TradingView

The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risks, you should do your own research when making a decision.