Terra’s LUNA price, one of the most talked about altcoin projects of recent periods, has withdrawn from $ 2.60. He then deals with a lot of market indecision on Sunday . This downward pressure it faces will likely continue into the new week. Technical analysis points to $2.00, down 15.50%. There is indecision and uncertainty in the price of Ethereum (ETH). Analyst John Isige examined and shared the analysis of these two altcoin projects.
LUNA price feeds downtrend
Terra, a cryptocurrency ecosystem powered by LUNA, announced that the Terra Phoenix airdrop has been successfully completed. According to the airdrop statistics, Terra & Thorchain took the top 50.50 percent of the tokens. Polygon came in second with 85,674, representing 20.8 percent of the network’s allocated tokens. Ethereum closed the top four, taking 6.90 percent of the 4,877,832 assigned tokens. The Terra Phoenix airdrop is designed to redistribute 19,504,909 LUNA tokens from the Community Pool to users who did not receive the actual allocation during Genesis. Terra’s development group is working to restore his image. However, the LUNA price will benefit from increased liquidity. And so there is the possibility of declaring a rally.
LUNA price is in the red against the 100-day SMA. At the 50-day SMA (Simple Moving Average), the blue-border move quickly holds up. A break above the downtrend line could see LUNA price avoid the previously assumed retracement. However, the low transaction volume coupled with bear market conditions. Thus, it points to a downtrend extending below the falling triangle pattern. Falling triangles have a bearish bias. However, traders should wait for a break below the x-axis reinforcement before entering short positions.
Leading altcoin price wipes out weekly benefits
Ethereum price has been consolidating for almost three weeks. As a series reached lower and higher bases, a symmetrical pattern emerged. This technical pattern predicts a 12 percent move up or down. With the 50-day SMA upside move, Ethereum price will most likely break below the triangle. Therefore, it is recommended to wait for the ETH price to break the uptrend before activating sell orders. If an upside break occurs, ETH will reach $1,521. Symmetrical triangles have no bullish or bearish trend. This means that recovery cannot be overlooked.
On-chain information from Glassnode reveals that addresses with 1,000 and more ETH continue to maintain the downtrend after Ethereum’s Merge. Now, investors in this cohort have roughly 6,316 addresses, and the pressure is far from easing. This means that as long as the whales empty their bags, the chances of smoothing will continue to dwindle. It also shows that investors prefer their money not in Ethereum but elsewhere.
Ethereum price these levels are critical
IntoTheBlock’s IOMAP highlights a few areas of strong resistance that are likely to continue holding the sabotaging move upside down. The first $1,334 represents 1.65 million addresses that bought 5.6 million altcoins, while the second $1,370 houses roughly 360,000 addresses with 5.5 million ETH. Trading above these two supply areas will be intimidating for the bulls. Therefore, the president could complete the 12% triangle breakout to $1,140 before altcoin price enters another uptrend. However, as Koindeks.com reported, the mobility of Ethereum whales is also increasing.