Dogecoin and Terra Luna once enjoyed investor attention and this translated into value, now this hype has waned but both are working to rectify this.
Terra Luna and Dogecoin crypto analysis
LUNC (Terra Luna) after a period of heavy losses may be regaining hope after the news that it can be pegged to USDT again, hope is growing for different reasons for Dogecoin as well.
Terra Luna (LUNC)
Lunc lost ground in the last 24 hours and stopped at 0.00012029 after losing 12%.
The downward spiral was triggered by the news of the liquidation of Silvergate, the US investment bank, which also affected crypto.
Lunc unlike many other cryptos is having a very bad time this 2023.
In the last week the token has lost 28%, 35% in the last month and 16% since the first of January.
Despite the losses, volume is up $100 million, a sign that attention is returning.
The token community is not the only market maker for the price of Terra Luna Classic but its efforts are certainly yielding profits by catalysing investors.
According to relative strength data, LUNC is oversold and a return to the plus sign is expected.
Lunc is below both the one-month and 200-day moving averages and analysts expect a rebound.
LUNC is not getting the support it needs to return big just from its community.
In February, the token was granted permission to be pegged back to USTC.
This news will allow for greater utilisation of LUNC, which will hopefully result in new rises.
The burning of LUNC meanwhile continues and to date 39.6 billion units have been burned.
The token blockchain continues with periodic upgrades including a successful technical upgrade.
Binance, in its latest report made it known that it had burned 8 billion trading commissions in LUNC through the end of last month.
The dogecoin token lost 1.95 per cent to EUR 0.065 after it had tried to reapproach the USD 0.076 level.
The words of the president of the US Central Bank have sunk the markets, if we combine this with the rise of the dollar this explains how the contagion of the crypto world was inevitable.
DOGE‘s whales are moving large sums from Binance to Wallet in self-storage contributing to the fear in the market.
Six days ago, 67,455,315 DOGEs were moved from Binance to an external wallet that is unknown.
If Dogecoin manages to break back above the $0.072 support there is hope to see the token rise again.
On the other hand, a break-up could do well below the current market price.
The Token’s turn below the 200-day moving average is now history and the descent is continuing, but every cloud has a silver lining.
According to most analysts, Dogecoin is poised for a new run and will soon reverse the trend at least in the short term.