It proposed introducing a two-year moratorium on the creation of algorithmic stablecoins, according to legislation proposed in the House. It is considered illegal to create or issue new internally collateralized stablecoins, Bloomberg recently reported.
In this context, an upcoming update to LUNA and LUNC may cause problems for these two crypto investors.
What’s the Latest on LUNA?
According to Coinecko data, LUNA has gained 2% in the last 24 hours and is trading at $2.62 at the time of writing. While there were ups and downs, the 24-hour volume was $ 186 thousand, while the market value saw $ 429 thousand.
LUNA’s 4-hour chartThe strongest support on LUNA stands at $2.5 and the price is currently moving around this band. Directional Movement Index (DMI) minus the DI line crawled on the line and stopped at the signal line above the 20 line. In addition to all this, the plus DI line gradually moved along the same line. These were indicators of a bearish trend.
What’s the Latest Situation in LUNC?
According to Coinecko data, LUNC has dropped 1.3 percent in the last 24 hours. In addition, the 24-hour trading volume was 425 thousand dollars, while the market value approached 2 million dollars.
LUNC’s 4-hour chartThe strongest resistance zone on LUNC is at $0.000233. The Relative Strength Index (RSI) showed a move along the neutral line. Directional Movement Index (DMI) was showing the signal line above 20. However, the plus DI line is slightly below and the minus DI line approaches the 20 trendline. Looking at the DMI and RSI indicator, it has seen a diminishing bullish trend with the possibility of a bearish breakout soon.
Latest Status and Possible Update on LUNA and LUNC
Both LUNA and LUNC have been bearish in price action since the announcement, although LUNA is more bearish. Indicators also point to a possible strong bearish trend for both LUNA and LUNC.
It’s been months since the stablecoin measure was first proposed, and it was previously delayed due to concerns voiced by Treasury Secretary Janet Yellen. Yellen called for stronger regulation of the crypto industry, citing the collapse of TerraUSD as an example.
Voting on the bill is expected within the next week.
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