Bitcoin and Ethereum Might See Ugly Phase: BTC & ETH Price To Hit New Lows Soon
Even popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) were not immune to the market crash in 2022’s bear market. As a result, the value of Bitcoin and Ethereum has declined since the year began, which has had an impact on investors who bought at record-high prices.
Following yesterday’s sharp decline in response to the release of the U.S. Bureau of Labor Statistics consumer price index, Bitcoin and Ethereum have recouped all of their losses.
A well-known cryptocurrency trader has issued a warning that Bitcoin (BTC) and Ethereum (ETH) may soon reach new lows. According to Altcoin Sherpa, the patterns for the dominant cryptocurrency are unfavorable to a bull run.
Bitcoin
After the markets gained momentum and Bitcoin reached moreover $19,000 at day’s end, Sherpa updated his opinion. He said that there have been some bullish candle closing on the 1D, followed the next day by ugly reversals. It will be too soon to determine whether or not this marks a short-term low.
Over the last 24 hours, the price of Bitcoin increased by around 0.33%, reaching $19,330. The overall price of Bitcoin has decreased by 3.1% over the last week.
Ethereum
Sherpa cautions that if the general economic situation deteriorates further, Ethereum may fall below $1,000, as it did in June.
Previously, Ethereum’s price, the second-most valuable cryptocurrency by market cap, increased by about 3.2%. However, over the previous week, the price of Ethereum has decreased by 3.4% and is currently trading at $1,306.
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Terra Classic Due To Ugly Crash! LUNC Price To Retest Low Levels
A wild year unfolded for Terra Luna Classic (LUNC). After reaching $119 in April, it dropped to $0 on May 12 when it collapsed. The token began to regain strength and during the past several months, it had a 180% increase. But Terra Luna was the subject of yet another controversy when an arrest warrant was issued against Do Kwon, the founder of Terraform Labs, by the South Korean authorities.
The LUNC price fell by 2.60% on the previous day as of the time of writing, to $ 0.0002765. The scenario will change, according to several analysts, especially after Binance launched its LUNC burn program.
A 4-hour LUNC trading chart was shared in a tweet today by IncomeSharks, who stated the opinion that the token is trying to recoup prior price lows as it continues to fluctuate below the previous upward trendline. The data also shows that the token’s on-balance volume is continuing to drop.
It’s important to note that LUNC owners were thrilled to see their investments increase by over 300% in the beginning of September, despite the crypto market being in free fall. A 1.2% tax burn plan by Terra Classic core creator Edward Kim, who vowed to reduce the supply of LUNC to 10 billion, paved the way for the spectacular rise.
Volumes have, however, significantly decreased with the adoption of tax parameter modification. On-chain volumes have decreased since, according to Alex Forshaw, a Terra developer who opposes the 1.2% tax, by as much as 90%. Consequently, the tax has only so far burned through around 5.5 billion LUNC.
Since then, the price has lost more than 40% of the gains earned in early September, while recently stabilizing at the $0.0003 price level. Notably, Santiment Feed noted in September that LUNC’s price fluctuations resembled DOGE’s from the previous year in many ways, warning that a significant bull run might come after a consolidation following the 300% surge.