LUNA Sees 17% Loss In One Week, UST De-Peg Rumors Affect Its Price?
2022年3月19日 - 4:00AM
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As the crypto market sees some relief over the past week, the price
of LUNA trends to the downside. The worst performer in the top 10
by market cap, the Terra native cryptocurrency appears at risk of
further downside. Related Reading | What’s Behind LUNA’s Rally,
Could Its Price Decouple From Bitcoin? At the time of writing, LUNA
trades at $87 with a 17% loss and a 5% loss in the last week and
24-hours, respectively. Data from Material Indicators (MI) suggest
thin support for LUNA’s price at its current levels. Around $83
there are around $700,000 in bids orders which could proved
inefficient to prevent a fresh assault from the bears. In addition,
Terra presents over $3 million in ask orders which could operate as
major resistance as the price attempts to reclaim previous highs.
As seen below, LUNA could fail to break above the selling wall
around $86 due to the high amount of ask orders. In the price is
rejected around those levels, $81 should operate as the next
support levels as it records around $2 million bids. Additional
data provided by analytics platform Nansen indicates the Terra
ecosystem has seen important adoption levels. Trending upwards
since 2021, the daily active address on this network stands near
35,000 and saw a small decline as the price of LUNA turned bearish.
However, daily transactions have been moving sideways with a small
uptick towards 160,000 during March 2022. This could suggest
investors are onboarding the network, but with low bids for LUNA or
Tera’s native product. Terra (LUNA) Expands, Why Bulls Could Have
The Upper hand The above suggest more sideways action with
potential for downside pressure in the short term. Over the long
term, Terra continues to generate interest. Retail investors seem
to be attracted to LUNA’s burning mechanism tied to the network’s
native stablecoin UST. This digital assets also enable investors to
generate a 19% APY with the Anchor Protocol. Rumors over the
sustainability of Anchor’s 19% APY have surrounded social media in
recent days. Most likely driven by the bet between Do Kwon,
co-founder of Terra Labs, and a pseudonym crypto trader known as
Gigantic Rebirth (GCR). The winner will be determined by the price
of LUNA. If the cryptocurrency manages to stay above $80 in one
year, Do Kown will win. Beyond the bet and the price of this
cryptocurrency, the event has cast doubt on the ecosystem. In
defense of Terra, LUNA, and UST fundamentals developer José María
Macedo published an analysis on this network. UST operates as an
algorithm and decentralized stablecoin. The DeFi sector has seen
its fair share of this types of assets, often ending up in failure,
but the Terra native stablecoin could follow its own trajectory.
Macedo said: $UST already defied the odds by not just surviving but
thriving as a pure algo stable: growing supply, keeping a tight peg
and withstanding shocks such as May ’21 What Terra achieved is
truly unprecedented and few understand it (…). I’m bullish not
because I think there are no risks, but because I understand the
tradeoffs and believe the upside more than justifies the risk.
Decentralized stablecoins are a multi-trillion dollar,
winner-takes-most market that $UST is best positioned to win.
Related Reading | Terra (LUNA) Surpasses Ethereum Becoming Second
Most Staked Asset Recently, the Anchor Protocol was deployed on top
of the Avalanche network. The price seems to be positively reacting
to this event, but bulls need to secure current levels as support
by closing a daily candle about $86 or above.
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