Do Kwon tweeted that LUNA jumped by more than 1,500% after Do Kwon became Terra’s founder. Due to several exchanges stopping deposits, these gains were only available for those who joined at the bottom. As AVAX, NEAR and both declined by more than 20% each, this is not surprising.
Avalanche (AVAX)
Although LUNA was undoubtedly today’s biggest gainer, recent volatility and price action makes it almost impossible to truly analyze.
However, another relative big mover in today’s session was AVAX, which fell by as much as 20%.
AVAX/USD slipped to an intraday low of $29.55, which as of writing, is 20.83% lower than Friday’s peak of $37.72.
AVAX fell for 8 sessions after breaking through its support level at $65.60 ten days earlier. AVAX is now trading at a different floor.
The new support appears to be at $28.80, just marginally higher than the nine-month low.
Despite recent falls in market value, bulls still believe in a recovery. However, the RSI remains in oversold territory which leads some to think that there is no way for price strength to improve.
Near Protocol (NEAR).
SOL fell by close to 20% last Saturday. But, NEAR’s drop brought prices to an all-time low of nine months.
Following a high of $7.58 on Friday, NEAR/USD sank to an intraday bottom of $5.98, which is over 21% lower than yesterday’s price.
NEAR has broken out of two key support levels in the last ten days —first, that of the $12.60 point, and more recently the $9.90 level.
These drops have made it difficult for traders to find new floors. However, this appears to have been $6.00.
Prices fell to $3.57 last week. It is the lowest point since August. However, there has been a slight rebound as AVAX continues to consolidate at its new support.
The RSI continues to track in oversold territory. It is currently at 25.76 as of this writing. This marks its lowest point since September 2020, the date when AVAX tokens first were issued.
Are bulls ripe to enter the market again? Please share your views with us in the comments.
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