The crypto winter is in full swing. One of the factors in the hardening of winter was the collapse of Terra (LUNA). Crypto analyst Filip L says the LUNA price action paints a grim picture of a broader time frame. Also, according to the analyst, Ethereum (ETH) price has already gone too far in the new area for recovery. We have compiled Filip L’s analysis of LUNA and ETH for our readers.
“LUNA weekly price action shows patient almost dead”
Terra (LUNA) price urgently needs to be revived. Because the patient represented by the price action almost dies and breathes his last. Price action on a weekly chart shows relentless selling pressure, with investors’ lack of any counterweight to provide. A second crash just a month after the first crash is likely to trigger a possible FBI crackdown on the company. In addition, as you follow on Kriptokoin.com , there are different lawsuits against the company. There are several reviews and investigations into how the company is run and price manipulation. Therefore, we expect a second collapse.
LUNA is being viewed through a broader time frame lens to show another crypto in distress. Dust has now settled on cryptocurrency after its collapse almost a month ago. Looks like LUNA will repeat its failure. It is conceivable that company executives, CEO, and CFO at least learned something from their past mistakes.
LUNA will not go unnoticed and will likely attract the attention of authorities and regulators alike, with an office search and some arrests. Terra price appears to be moving within a sharp bearish triangle. LUNA price appears to be trading in a sharp bearish triangle and is set to touch the bottom once the dollar strength kicks in. Technically, the LUNA price is just a whisper away from dropping another 100% from $2 to $0.002. It’s only likely to buy some time and trigger a short-lived comeback.
It doesn’t make sense for LUNA traders to risk a long entry. However, the only solid trade to take a long position is to wait for confirmation that the bulls are there and investors are buying the price action again. This confirmation is possible on a break above the red descending trendline. It is also likely if $10 is broken. In this case, it is possible to press a new peak for June. Only then does it make sense to be long on LUNA.
“ETH is likely to see a rapid decline as investors lose faith”
Ethereum (ETH) price has lost a lot of intrinsic value this week to secure a decent recovery to $1,404. It is likely to bounce back to $1,600 from here. Instead, traders will need to see another 50% price cut as the price of ETH can drop to $570 once it exceeds $1,000. A break below $1,000 raises suspicion among investors. It also damages the credibility of the second leading altcoin. So this collapse is likely to come quickly.
When the media showed interest in the leading altcoin just a few months ago, the price of ETH was adjusted to outpace Bitcoin price action at some point. How quickly Ethereum’s image has changed from brightest in class to worst performing. Ethereum price sees cash escaping every minute. Its fall, however, is almost unstoppable.
ETH price is held on several issues. Once $1,000 breaks down, expect these issues to lead. ETH price looks like a falling knife. ETH price will stop halving around $570. So he will lose most of his feathers. Even after this discount, he won’t be able to give a quick turnaround. Instead, you will see a sideways movement until there are signs that more funds are pouring into the cryptocurrencies and demand is picking up.
In the event of a turnaround, such as a breakthrough in peace talks with Russia or the withdrawal of Russian troops. In this case, the markets will also breathe a sigh of relief. It will trigger a quick recovery as ETH price quickly returns to $1,404 and then $1,688.
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