LUNA was down by over 50% in today’s session as markets continued to react to UST’s parity is lostUSD. These traders began to lose faith in Do Kwon’s stablecoin, and it dropped to its lowest level since September. While LUNA was the most talked about, recent losses in XMR (and AXS) were also reported.
Terra (LUNA)
LUNA fell by over 50% during today’s trading session, as markets reacted to stablecoin UST losing its parity with the U.S. Dollar.
The peak price of $57.44 was reached to open the week. Earlier in the day, LUNA/USD reached a low point of $24.14.
This drop in price is the biggest one-day move since LUNA’s inception, and pushed the price to its lowest point since last September.
This move followed five consecutive days of declining prices, the last pushing price lower than support at $50.00.
The chart shows that the 14-day RSI readings the charts at 20.46. This is its weakest point in the history LUNA.
Do Kwon has since tweeted, “Close to announcing a recovery plan for $UST. Hang tight”, we will now wait to see how markets digest any potential plans and or safeguards.
Axie Infinity, (AXS).
Many crypto tokens traded at more than 10% below today’s prices, but AXS stood out the most.
Over 15% was lost in Tuesday’s fall of the token which is used as the currency to play the Blockchain-based Trading Game Axie Infinity.
As a result of recent bearish pressure, AXS/USD hit an intraday low of $23.92, following a peak of $29.59 during yesterday’s session.
Overall, AXS has dropped by over $50 since the start of April, with today’s floor the lowest level prices have been at in ten months.
The chart shows that prices are still consolidating, despite breaking the $28.80 resistance level. This could prove to be encouraging for anyone anticipating a long-term rebound.
Oversold territory is also hovering around the relative strength over the last 14 days, suggesting that a floor may have been established to support an increase in prices.
Is there a floor for AXS or will bears push the prices higher? Please share your views with us in the comments.
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