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Terra Dries Up As LUNA Sheds 40% From Recent High

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LUNA has increased by about 300% just these past days, making it appear as if it had risen from the ashes. The feat began on September 9 and ended within a couple of hours.

This is a result of a proposal to put a 1.2% token burn tax on all transactions, which will allow LUNC to become a deflationary cryptocurrency, according to a recent tweet from Haily LUNC.

Unquestionably, the May-June LUNA crash has influenced the whole crypto community. There is a correlation between LUNA and other crypto stalwarts such as Ethereum if we compare the two. It may not be a price correlation, but rather investor sentiment.

Following the latest market crisis, the market as a whole declined even worse. In the past few months, Bitcoin and the other leading currencies in the market have experienced severe bear markets.

Given the issue surrounding LUNA, this rebirth is due to TERRA’s latest request for a 1.2 percent transaction fee. According to TERRA, this would consume 1.2% of the total LUNA in circulation per transaction.

According to a recent analysis, the current surge in price poses a risk of reversal. After its unexpected price increase, TERRA declined by 30 percent, proving the validity of my analysis.

StakingRewards estimates a yearly return of 38 percent on LUNA stakes. If TERRA keeps rising, the expected profits might be quite lucrative. But the state of things for TERRA as it is right now is not promising.

Recent growth stems from expectations that LUNA will bounce back from a devastating decline. Only 1.2% of all LUNA will be destroyed, but is it enough for LUNA to reclaim its former prominence?

1663136364 103 Terra Dries Up As Luna Sheds 40 From Recent High

According to the coin’s technical indicators, the latest “rise” was its final hurrah. The price of LUNA tends to converge at the 4-hour mark, which increases the potential for a fall at such times. The picture is also more distinct thanks to the 1-hour time marker.

Right after the upswing ended, it plummeted, only to recover somewhat before continuing its downward trajectory. Overbuying signs mean the present support line at the 61.80 Fib level won’t hold.

Terra Dries Up As Luna Sheds 40 From Recent High

Crypto total market cap at $962 trillion on the daily chart | Source: TradingView.com

Featured image from Business Today, Chart from TradingView.com

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Thorchain Shows A Glimpse Of Hope, Are The Green Days Near?

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Thorchain Shows A Glimpse Of Hope, Are The Green Days Near?
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  • RUNE price could be ready to break out from the downtrend as price gears up for a short-term recovery creating more bullish sentiment.
  • RUNE looks strong on the low timeframe. 
  • The price of RUNE attempts to break and hold above 8 and 20 EMA on the daily timeframe.

Thorchain (RUNE) has shown little or no recovery sign in recent weeks, but that could change as the price gears up for a rally against tether (USDT). Previous weeks for the crypto space have been slow as most altcoins, and major cryptocurrencies like Bitcoin (BTC) continued to move in a range. The month looks promising, with altcoins, including Thorchain (RUNE), bouncing off from their low with high hopes of a rally with the current shift in trend. (Data from Binance)

Crypto Market Outlook 

Crypto Market Outlook | Source: Coin360

For most crypto projects as altcoins, including RUNE, the new month has been more of a relief. The price of Bitcoin has led the market, rising from a low of $18,800 to $20,100. With the market looking more promising for crypto assets, we may see more cryptocurrency recovery, as the previous month prevented major altcoins from rallying.

Thorchain (RUNE) Price Analysis On The Weekly Chart

The price of RUNE in recent weeks did not show the strength as seen in other altcoins like Cosmos as the price continued to decline to its weekly low of $1.5.

After rallying from a low of $3 to a high of $12, the price of RUNE faced rejection as it was unable to break above $12, acting as resistance to the price of RUNE and the area of supply.

The price has since struggled to find support as the price declined to a weekly low of $1.5 with what looks like a demand zone for more buy orders.

RUNE price bounced off this region to $1.6 as price prepares for a rally from this area. Although the price continues in a range trying to break out, it looks promising as there have been more buy orders than in recent weeks.

Weekly resistance for the price of RUNE – $1.8-$2.

Weekly support for the price of RUNE – $1.5.

Price Analysis Of RUNE On The Daily (1D) Chart

Thorchain Shows A Glimpse Of Hope Are The Green Days
Daily RUNE Price Chart | Source: RUNEUSDT On Tradingview.com

On the daily timeframe, the price of RUNE remains bullish as it attempts to flip the resistance at $1.8 and break out with good volume.

The price of RUNE is currently trading at $1.65, with resistance to breaking above the 8 and 20-day Exponential Moving Averages (EMA), which act as resistance zones for the price of RUNE. The prices of $1.6 and $1.66 correspond to RUNE’s 8 and 20-day EMAs, respectively.

Daily resistance for the RUNE price – $1.66-$1.8

Daily support for the RUNE price – $1.5.

Featured Image From zipmex, Charts From Tradingview  

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Bybit Collaborates With Oracle Red Bull Racing Team

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Bybit Collaborates With Oracle Red Bull Racing Team
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