A new version of the collapsed Luna token is returning and has already been launched on the main cryptocurrency exchanges. According to experts, the new Luna has a good old, but how long the optimism of market participants will prevail after the launch remains questionable.
It is worth recalling that according to the results of the vote held last week, the supporters of the Terra blockchain voted for the revival of Luna, and not terraUSD - the so-called stablecoin, which became the main reason for the collapse of the promising project. The community is confident that Blackrock and Citadel were behind the collapse of Terra. On Twitter, you can find something like this collapse scheme: the attacker on the BTC accumulated $ 1 billion UST and borrowed BTC for $ 3 billion. Then launched a FUD about the UST binding and sold all BTC on the market to sow panic. The company withdrew some of the liquidity, but the attacker started selling UST on Binance, which is why there was a small decoupling from $ 1. Immediately after that, Terra started selling BTC, but the attackers were ready for this, starting to actively short the market while draining even more UST. When Terra realized this, they stopped selling BTC, but it was too late, although UST tried to recover on its own at the moment.
Most likely, it will no longer be possible to achieve the previous success when Luna was in circulation for more than $ 40 billion at the peak of its development. The new iteration, which investors call Terra 2.0, is already being traded on key cryptocurrency exchanges.
As noted above, the launch was a success. However, after reaching its high of $ 19.53 on Saturday, just a few hours later Luna dropped to $ 4.39. Since then, trading has been conducted at around $ 5.90 and most likely the pressure on the token will only increase - especially as investors' fear is brewing. Many experts are very skeptical about the chances of the revived Terra blockchain succeeding. Given that the project will have to compete with many other so-called first-level networks in the likeness of Ethereum, Solana, and Cardano, there is very little chance of survival.
As for the distribution of new Luna tokens, they will be distributed by "airdrop". Most of it will go to those who owned Luna Classic and UST before their collapse to compensate for the damage to investors. However, as the practice has already shown, investors are unlikely to trust Terra for the second time and will most likely try to somehow save some of their funds. It is worth noting that large holders will also be credited with a new Luna, but they will get access to it only after a few years. Only small retail players can trade their assets now.
It doesn't make sense to talk about the technical picture of Luna, so I advise you to look at the market as a whole. The collapse of bitcoin at the end of last week has already been fully compensated and now many are wondering whether the correlation with the American stock market will be carried out or not. Last week, stock America grew very much, but bitcoin missed this moment - it's time to catch up.
The technical picture of Bitcoin
Buyers actively return to the market only by buying off local minimums. No people are willing to buy at the highs at the upper border of the side channel for $ 30,700 yet. To develop the initiative on the part of the bulls, active actions are needed in the area of $ 31,800, but before that, you need to try to return above the price of $ 30,700, which has been repeatedly tested in the last few weeks. Only a consolidation above this range will quickly return the trading instrument to $ 33,030, allowing investors to calm their nerves a little. A breakdown of the $ 29,850 level and another consolidation below this range will send the trading instrument back to a minimum of $ 28,600, and then close to $ 27,660, where large buyers acted last week.
As for the technical picture of the ether
The bottom was bought off - and it's already good. The recent fall in ether has once again returned investors to a state of nervousness, as the trading instrument was one step away from updating the annual minimum of $ 1,700. Now that control over $ 1,800 has been returned, the target is the nearest resistance of $ 1,899, above which it will be quite difficult to get out. It will be possible to talk about building an upward trend only after a breakout of $ 2,020, which will quickly return the ether to $ 2,146, and then very close to $ 2,295, which will be a serious problem for traders. Only consolidation above will allow building an upward trend for the trading instrument with the prospect of updating the highs in the area: $ 2,433 and $ 2,630. If the pressure on ETH persists, purchases in the area of the nearest support of $ 1,805 are not excluded. A break in this range will be the reason for a new collapse of the ether and a hike to $ 1,690, but it is unlikely that anyone will buy this bottom again. I advise you to count on new lows: $ 1,540 and $ 1,430, where the big players will start to act actively again.
