The Bitcoin price is stuck below $ 29K when Terra LUNA returns from the dead
Bitcoin (BTC) analysts faced another day of frustration on May 28 when BTC / USD refused to offer volatility up or down.
“Not the disconnection we wanted”
Data from Cointelegraph Markets Pro and TradingView showed that the largest cryptocurrency remained in a narrow short-term area into the weekend.
Earlier forecasts for support levels to avoid a deeper correction managed to stay in the Wall Street trading session on May 27, but a higher setback was similarly absent as commentators looked for new signals.
“Short resistance and long support for one of them breaks. Keep it simple at intervals as they are there to construct liquidity for trend continuation or reversal,”[ads1]; the popular trading account Crypto Tony summed up in part of a recently tweet.
Others focused on Bitcoin’s relative underperformance compared to equities, which ended at the end of the week. The S&P 500 rose 2.47% on May 27, while the Nasdaq Composite Index was up 3.33%.
Well, it seems that this time may be different.
This is also not the relaxation we wanted. #Bitcoin $ BTC https://t.co/3YSFbL4rcb pic.twitter.com/krFEurFkaf
– Jan Wüstenfeld (@JanWues) May 27, 2022
Unlike Bitcoin, stock markets took advantage of a continuing downward trend in the strength of the US dollar.
The US dollar index (DXY) fell around 101.6 on the day, down from the peaks of 105, which had peaked at the end of 2002.
Analyst Matthew Hyland noted that the index’s reversal meant that it now challenged its general trend from the beginning of the year.
US Dollar (DXY) Weekly RSI on its way to a crucial test of the trend line that started at the beginning of the year: pic.twitter.com/529BsZxshD
– Matthew Hyland (@MatthewHyland_) May 28, 2022
Do Kwon confirms LUNA rebirth
On altcoins, the revival of the controversial Blockchain protocol Terra was met with lax performance.
Related: Replaces ‘Terra 2.0 revival plan’ via airdrops, listing, repurchase and burning
Terra co-founder Do Kwon confirmed the launch of the new main network for in-house token LUNA on the day.
To see yours $ LUNA (or $ LUNA2 as some exchanges call them) token balance, you just need to log on to the station and refresh the page
For new users coming in from IBC et al, create a station wallet with the same general ledger and the station will guide you through the remaining steps https://t.co/1ZKmCGKLvp
– Do Kwon (@stablekwon) May 28, 2022
Simultaneous, concern increased over other major altcoin projects, especially Celsius (CEL), which had managed to fall from $ 0.80 to around $ 0.50 in less than a week.
Hex (HEX), a project that had aroused suspicion throughout its existence, suffered a similar fate, falling from just over $ 0.11 a week ago to the lowest level of below $ 0.05.
However, the top ten cryptocurrencies by market value copied Bitcoin’s low volatility behavior within 24 hours at the time of writing, with only Dogecoin (DOGE) seeing noticeable movements, this time to the upside to recover $ 0.08.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade involves risk, you should conduct your own research when making a decision.
