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LUNA

Despite Blood-Shed In The Market, LUNA, QNT, AVAX & ELGD Price Rally High!

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Bitcoin and Ethereum prices yet again register another bearish day as the price fails to flip the downtrend. Moreover, the other assets in the top 10 like Cardano price, Solana price, XRP price, etc appear to follow the top 2 cryptos. Yet being away from the crowd of thousands of cryptos, some assets register double-digit gains. Terra(LUNA) price, QNT price, AVAX price, EGLD price, etc surge high.

Terra(LUNA) Price

Terra(LUNA) remains within the top trending cryptos in the past 24 hours due to its strong bull run. Despite Solana price remained low-key, the Solana based assets like LUNA, SBR, SLIM, RAY are performing well. LUNA price to be specific, initiated its bull run a couple of days back with a price of around $22. And currently after undergoing a notable uptrend smashed its new ATH at $44.34. Despite a slight pull back the price still resides close to $40, pointing towards the resumption of the uptrend soon. 

Quant (QNT) Price

The Quant price is currently trending in a discovery phase as the asset currently registered its new ATH. The price after it smashed its previous highs above $365, experienced a pullback below $300. However, the price went parabolic to achieve the current levels above $400. However, after smashing zones above $425, the price suffered a massive downfall and scrambled below $390. Yet the technicals showcase a possibility of a notable retracement soon. 

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Avalanche (AVAX) Price

Avalanche price currently appears to have recovered from the losses incurred in the recent crash. Moreover, the price rallied slightly above the levels and was heading strongly towards its ATH at $59.94. Yet the rally flipped into bearish divergence and consolidating well around $50. However, the technicals for AVAX price are very well in place that points out towards a healthy rally awaiting ahead. 

Elrond (ELGD) Price

The Elrond price recently smashed its highs in the early trading hours very close to $250. However, with a mere 4.73% dump, the asset is hovering around $238 at the press time. Despite the downtrend, yet the price is successfully ranging towards its highs and very soon it could also form a new ATH. 

Collectively, after a series of downtrends within the crypto space, yet the assets are attempting very hard to bounce back. And hence the technicals suggests the assets have a greener week ahead. As the dark clouds of plunge still haunt the rally, yet the weekend remains a little unpredictable.

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LUNA

LUNA may be in danger of 46% sell-off due to this ascending wedge

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LUNA’s ascending wedge has been forming for over a month and it is now, threatening a potential 46% sell-off. Traders must be cautious of a close below the confluence of the 4-hour 200-SMA (green) and 23.6% Fibonacci level, one which could trigger a bearish outcome. Meanwhile, bulls can aim for an early cut-off at the 38.2% Fibonacci level – A zone that held up a reliable support level in October.

At the time of writing, LUNA was trading at $51.5, up by 4.9% over the last 24 hours.

LUNA 4-hour Chart

Source: LUNA/USD, TradingView

Three higher highs set up at $41.5, $49.5, and $61, along with three higher lows at $27.2, $41.3, and $48.4, outlined an ascending wedge on LUNA’s 4-hour chart. Based on the highest peak and the lowest valley within the bearish pattern, LUNA eyed a 47% drawdown from the breakout point. Should LUNA forego its streak of higher lows and weaken below the 200-SMA (green) and 23.6% Fibonacci level, sellers can drive the price all the way to $23.52.

Bulls can counterpunch immediately at the 38.2% Fibonacci level-  A zone that enabled a reversal following a double top at $49 in October.

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On the flip side, an upwards breakout can be possible if LUNA registers an immediate close above $55, backed by strong volumes. Such an outcome would set LUNA on course for $81.

Reasoning 

The 4-hour RSI traded within a steady down channel, forming several bearish divergences with respect to LUNA’s price action. Such signals are commonly observed before a retracement takes place.

Having said that, LUNA could extend its wedge over the near term as the MACD and DMI were still within favorable positions.

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Conclusions 

LUNA can consolidate close to $55 as the MACD and DMI shift to bearish positions. Once sellers respond to such cues, LUNA would break south of its wedge and set up a potential 47% sell-off.

Traders can go short once LUNA closes below the confluence of its 200-SMA (green) and 23.6% Fibonacci level and set take-profits at $23.5.

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LUNA’s price fluctuates after voting to burn R$4.5 billion in tokens

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Nothing generates more demand than a reduction in supply. At least that’s what should happen.

Ask Terra, whose community is responsible for maintaining the protocol of the LUNA utility token and stablecoin terraUSD developed by Terraform Labs.

On Tuesday (9), the community voted to burn around 89 million tokens (approximately US$4.5 billion).

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After the proposal presented by the co-founder of Terra Do Kwon was approved, the price of the token soared from $50 to over R$54, coming close to its record high of $54.77.

It then went through a mini-market meltdown as nearly the entire crypto market went into the red. Within hours, the price had dropped 14%. LUNA, which has a market capitalization of $23.5 billion, has rebounded to about $48.

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LUNA is a utility token for decentralized applications (or dapps) developed on the Terra blockchain. One of its main uses is to maintain a 1:1 ballast to Terra’s algorithmic stablecoins.

More LUNA is issued when demand for UST drops; the token is burned when demand for stablecoin increases.

deflationary action

After the successful vote, 520,000 LUNA (equivalent to more than US$25 million) was withdrawn from circulation, as the more than 88 million remaining tokens will be burned over the next two weeks, theoretically increasing the value of LUNA even further. .

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This week’s vote matches the larger plan introduced by the Columbus-5 network update at the end of September, which changed the way and timing Terra burns tokens.

After the upgrade, instead of transferring LUNA to a community pool, the LUNA tokens that used to issue stablecoin would be permanently burned. The initiative was created to increase the value of LUNA.

In May, Kwon explicitly considered the Earth Community Pool token burning as a revenue-generating event “to boost initial funding for the Ozone Protocol”.

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Ozone is basically insurance for use by Terra’s growing Decentralized Finance (or DeFi) sector.

The term DeFi refers to loan, savings, and trading protocols that suppress intermediaries, primarily banks and brokerages. Ozone helps manage risk.

Although Terraform Labs is headquartered in South Korea, its DeFi aspirations have created problems abroad. Kwon was notified by the US Securities and Exchange Commission (SEC) when he was going to speak at a crypto conference in September.

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In October, he sued the agency on account of the subpoena, which is related to Terra’s Mirror Protocol. Mirror allows people to trade synthetic (crypto) versions of real-world stocks, including Tesla.

Terra’s burning strategy, while interesting, is not necessarily new.

Path taken by Ethereum

Ethereum succeeded in burning its own coins.

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Fork (or “hard fork”) London implemented EIP-1559, a measure that redirects transaction fees, previously handed over to miners who validate transactions, to an inaccessible wallet, where ethers (ETH) are definitely destroyed.

Since the introduction of this deflationary measure, the price of ether has risen by more than 60%, reaching record highs along the way.

Without a doubt, Terra users expect to obtain similar incomes.

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Bitcoin

Price analysis 10/4: BTC, ETH, BNB, ADA, SOL, XRP, DOT, DOGE, LUNA, UNI

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Bitcoin (BTC) is facing rejection near $50,000, indicating that bears are not ready to give up without a fight. Many analysts expect Bitcoin to soar in the last quarter of the year and stock-to-flow model creator PlanB says the “worst-case scenario” for Bitcoin in October is $63,000 and $98,000 by November.

PlanB is not alone in his bullish projection. Using Bitcoin’s relative strength index (RSI) indicator during the four-year cycle, Twitter commentator TechDev suggests that the second leg of the 2021 bull run may just be getting started. The trader expects Bitcoin’s cycle top to be around $200,000.

Daily cryptocurrency market performance. Source: Coin360

While historical projections may be pointing for a rally in the last quarter, the rise may not be linear. The US equity market’s volatility in October is 36% higher than the average for the remaining 11 months, according to CFRA chief investment strategist Sam Stovall. Due to Bitcoin’s high correlation with the S&P 500, traders may be in for a roller coaster ride in October.

Could Bitcoin follow its historical precedence and rally to the upside and will altcoins join in on the party? Let’s study the charts of the top-10 cryptocurrencies to find out.

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