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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

LUNA2 Records Losses as Market Rebounds, Investors Lost Faith?

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
Terra LUNA2

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A couple of days after its launch, the new LUNA or LUNA2 token from the Terra network continues to experience high volatility levels. The cryptocurrency was deployed as a result of the collapse of the old LUNA or LUNA Classic which lost almost 99% of its value in a little over a week.

Related Reading | Ethereum’s Optimism Airdropped Governance Token, Here Is How It Went

This resulted in billions of dollars in losses for retail investors as the Anchor Protocol, the platform which promised stablecoin UST stakers a 20% annual percentage return (APR), and the whole Terra ecosystem enjoyed high popularity.

At the time of writing, LUNA2 trades at $6.65 with a 7% loss in the 4-hour chart. The cryptocurrency was able to reach as much as $10 at its high but could continue to experiment with downside volatility.

LUNA2 LUNA2USDT
LUNA2 is trending to the downside on the 4-hour chart. Source: LUNA2USDT Tradingview

Data from Material Indicators (MI) hinted at further losses when the price reached its all-time high. Based on the Trend Precognition indicator for the daily chart, LUNA2 could re-test support levels.

The crypto market might play against any potential recovery. The largest cryptocurrencies, such as Bitcoin and Ethereum were recording gains during today’s trading session after weeks of sideways movement.

Bitcoin was almost 9%, but all the profits have been lost in lower timeframes. The number one crypto by market cap could return to its recent range of around $28,000 to $30,000 if the bulls are incapable of pushing back against the increased selling pressure.

Analyst Ali Martinez identified $29,800 and $28,600 as the next area of interest for any potential support. LUNA2 traders could benefit from a relief bounce in these areas but might see further downside action in the short term.

#Bitcoin got rejected by the 200MA on the 4hr chart as anticipated!

Now, $BTC is testing the $30,750 support level. Failing to hold above it could send #BTC to the next areas of support at $29,800 and $28,660.

Only a sustained close above the 200MA can send prices to $34,750. https://t.co/Kb49f4Krn1 pic.twitter.com/YHwfKvhX4o

— Ali (@ali_charts) June 1, 2022

As part of the creation of LUNA2, previous LUNA holders are entitled to an airdrop. This measure was aimed at mitigating part of their losses and providing them with a tangible solution. However, some critics believe the initiative will be insufficient and could contribute to the downside price action as users receive and dump their tokens on the market.

Users Express Concerns About Exchanges Supporting LUNA2

Before its launch, there were a lot of doubts about the future of any new LUNA token. When the price of the original cryptocurrency collapsed below $0, crypto exchange platforms rushed to remove it and terminated any trading positions with LUNA, for the benefit or detriment of the trader.

Now, the same platforms have been supporting LUNA2. Many users have been calling out these venues as they consider the token could follow LUNA’s trajectory into oblivion.

Jesse Powell, CEO at crypto exchange Kraken, addressed these concerns. He said the following on the LUNA2 and LUNA:

I don’t necessarily see them as related. Is there a technical takedown of LUNA2? Does LUNA2 have the same flaws? I’m not an expert on the coin but presumably LUNA2 has learned something from LUNA. Is supporting LUNA2 and the airdrop improving the situation for LUNA holders?

Related Reading | LUNA 2.0 Suffers Significant Price Correction Hours After Launch

In addition, Powell claimed the LUNA crash might have been the cause of “incompetence” rather than a “scam”, as many critics believe. In that sense, he claims listing a cryptocurrency is different from endorsing it and added: “All assets have risk”.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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