Bitcoin Price Setting a Base of $29K, as Terra LUNA is revived

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The announcement of the fresh LUNA mainnet comes amid issues that persist with other altcoins that are well-known.

Bitcoin (BTC) experts were faced with another day of discontent on May 28, as BTC/USD was unable to provide the same level of volatility, either in the direction of up or down.

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

“Not the decoupling we wanted”

The data taken from Cointelegraph Markets Pro and TradingView revealed the biggest cryptocurrency that remained in a narrow, short-term band until the weekend.

The support levels previously forecast to prevent a further correction held during this May Wall Street trading session, however, a move higher was not present as analysts searched for new signals.

“Short resistance and long support until one of them break. Keep it simple in ranges as they are there to engineer liquidity for trend continuation or reversals,” popular trading account Crypto Tony summarized in part of a tweet.

Some people focused on Bitcoin’s inability to perform when compared to stocks, which topped out at the close on the last day of. It was reported that the S&P 500 gained 2.47% on May 27th, and it was the Nasdaq Composite Index was up 3.33 percent.

It appears that this could be a different time.

Additionally, this isn’t the kind of decoupling we’d like to see. #Bitcoin $BTC //

-” Jan Wustenfeld (@JanWues) May 27 2022

Contrary to the Bitcoin market, the equity markets made the most of a continuing downtrend in the dollar’s strength. U.S. dollar.

The U.S. dollar index (DXY) reached 101.6 during the day, a drop from 105 levels, which was the highest which was last seen in late 2002.

Analyst Matthew Hyland noted that the index’s reverse meant that it is now in danger of reversing its general uptrend since the beginning of the year.

US Dollar (DXY) Weekly RSI heading toward a crucial test of the trend line that started at the start of the year:

-” Matthew Hyland (@MatthewHyland_) May 28 2022

Do Kwon confirms LUNA rebirth

The revival of the controversial Blockchain protocol Terra was met with disappointment by its slow performance.

Related Exchanges support “Terra 2.0 renewal plan’ through buyback, listing, airdrops, and even burning

Terra Co-Founder Do Kwon confirmed the launch of the mainnet that will be used for internal tokens LUNA at the time of its launch.

To check the $LUNA (or $LUNA2 as certain exchanges refer to them) balance of tokens it is enough login to the station and refresh the page.

For new users coming in from IBC et all, create a station wallet with the same ledger and station should walk you through the remaining steps //

-” Do Kwon (@stablekwon) May 28 2022

In the meantime, there was a growing concern about other altcoin projects, most notably Celsius (CEL) which has managed to go from $0.80 to $0.50 within a matter of a week.

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

Hex (HEX) is a project that has been the subject of suspense throughout the duration of its development, was struck by the same fate, sagging from just more than $0.11 one week ago to lows below $0.05.

The top 10 cryptocurrencies according to market capitalization, however, mirrored Bitcoin’s low-volatility behavior in the 24-hour period from the moment of writing just Dogecoin (DOGE) experiencing notable movements but this time towards the upwards to claim $0.08.

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

Via this site  Bitcoin Price Forming a Base at $29K as Terra LUNA is Reserected