- On Wednesday, Terra’s native blockchain token, LUNA, plunged from $61.99 to $24.14, a 60 percent drop
- BTC has fallen more than 20% month-over-month and is currently trading at $32,000
- ETH reached an intraday high of just under $2,500, where it immediately found sellers
- The Cardano (ADUSD) is currently showing bearish momentum of 2.95% over the past 6 hours
- The price of XRP has risen above its last major support structure, which is located near the critical $0.50 price level.
Terra (LUNA)
One crypto project fell about 60% in just 24 hours during the crypto market bloodbath, destroying about 60% of its value.
Here we have a token that is not a one-time wonder or a tiny token but a constituent of the top 10 crypto tokens, excluding dollar-pegged stablecoins. The token is named Terra (LUNA).
On Wednesday, Terra’s native blockchain token, LUNA, plunged from $61.99 to $24.14, a 60 percent drop. Compared to last month, the token is trading about 80% below its peak of nearly $118. If the selling persists, we may see another plunge below the $20.00 mark. However, if the overall crypto market recovers, LUNA may take some benefit. But there is a very low probability of seeing a V-shaped recovery.
Accoriding to some news, Binance, a well-known crypto exchange, has halted the withdrawals of users in LUNA and UST.
Bitcoin (BTC)
BTC has fallen more than 20% month-over-month and is currently trading at $32,000. The price was $69,000 in November 2021. More than 50% of the value has disappeared.
Luno’s Sam Kopelman confirmed that bitcoin’s misfortune doesn’t happen in isolation: “A drop below $30,000 puts bitcoin just a few dollars away from a crucial support level.” Should bitcoin drop below this level, it could drop as low as $25,000 before making a significant move upward.
Global equity markets saw their worst day since June 2020 as investors sold assets across the board yesterday. A military conflict in Europe and rapidly rising interest rates weigh heavily on the market.
Ethereum (ETH)
Despite today’s significant rally, Ethereum’s price faces continued weakness and selling pressure. ETH reached an intraday high of just under $2,500, where it immediately found sellers. However, the price remains stable at $2,350, up 6% on the day.
Ethereum’s price is expected to rise due to buyers. The daily chart’s oscillators clearly show that momentum has turned in favor of the bulls. However, the broader risk-off sentiment in the crypto market and, most importantly Fed’s rising interest rates are likely to keep the gains limited.
Cardano (ADA)
The Cardano (ADUSD) is currently showing bearish momentum of 2.95% over the past 6 hours. The price of Cardano (ADAUSD) was $0.6679 on Tuesday, May 10.
Today, Cardano’s volume was 2336787800, up 3.41% from its average volume of 2259556407.48.
Currently, Cardano is valued at $0.67, down 78.39% from its all-time high of $3.09 on Thursday, September 2.
Cardano current market cap is 2,259,899,0899, total supply is 45,000,000,000.00, maximum supply is 45,000,000,000.00 and circulating supply is 33,820,262,543.95.
In terms of daily highs and lows, Cardano is 0.32% off its 6-hour low of $0.6700 and 3.21% off its 6-hour high of $0.6900.
Ripple (XRP)
The price of XRP has risen above its last major support structure, which is located near the critical $0.50 price level. Unfortunately for XRP bulls, they have yet to demonstrate conviction. If XRP bulls do not intervene, a much deeper collapse is possible.
Any time spent below $0.47 sets the stage for an immediate crash into the next major high volume node in the 2021 volume profile, which is $0.30.
