The cryptocurrency market really hasn’t done much over the past week with sideways price action staying pretty consistent. Bitcoin (BTC) really hasn’t changed recently despite a bit of range bound volatility and is still maintaining the long-term trend that was established in January.
In order to maintain a bullish scenario BTC can’t close below the higher trend line shown above. The lower trendline based on the wicks is also in play in the event that BTC sees a third blowoff bottom.
BTC is currently stalling around $40,600 and looks coiled up to likely breakout to the upside.
In other news, the TerraUSD stablecoin (UST) has surpassed the Binance network’s BUSD stablecoin to become the 3rd largest stable by market cap (Behind USDC & USDT).
The Terra Foundation (LUNA) has been on a tear recently with several billion dollar acquisitions of Bitcoin and a supposed partnership with other major Defi protocol Avalanche (AVAX).
It's no surprise that LUNA broke out on Monday with the rest of the market basically flat.
LUNA broke down throughout the week but became convincingly oversold on the long-term 50/200 Real Motion indicator. With price heading towards the 200-day moving average that has provided crucial support in 2022, it was essentially a guarantee that LUNA would revert back to the upside.
LUNA closed Monday up nearly +18%. We want to see LUNA continue upwards and reestablish support above its 50-day moving average. Beyond that, a retest of all time highs at $119 would be highly likely.
The primary list of LUNA, AVAX, SOL, ETH, MATIC, and ALGO lead the decentralized finance space. Each has their strengths, but technically LUNA definitely looks the strongest right now.
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