[ad_1]
Cryptocurrencies have been on a bearish period for about a month now, as the crackdown on cryptos continues, with the US trying to tax them, while India is looking to ban a number of the main cryptos. China is banning everything related to cryptos and the Federal Reserve is tightening up the monetary policy.
The excessive amount of cash that has been thrown into the markets has had a positive impact on cryptocurrencies as well, since some of these funds spill into the crypto market which offers high risk but high returns as well. Now that rates are going up in the US, some of these funds might start flowing into bonds. Although, the retreat might be over in the crypto market and some digital currencies are showing signs of a bullish reversal.
Terra LUNA Daily Chart Analysis – LUNA/USD Finding Support at the 50 Daily SMA?
Terra LUNA has been attracting a lot of money for DeFi (decentralized finance). Terra’s growing ecosystem attracted a $150 million decentralized finance (DeFi) fund in July, while now the Hong Kong-based venture capital firm Chiron has raised a $50 million fund for Terra LUNA. This fund will back projects on the Terra blockchain to boost “decentralized finance applications, metaverse-linked non-fungible token (NFT) platforms etc”.
This cash flow into the Terra ecosystem has been having a positive impact on the LUNA coin, with LUNA/USD still keeping the bullish trend going despite the recent pullback lower. Moving averages continue to provide support, keeping the uptrend intact and now the price is trading just above the 50 daily SMA (yellow). This moving average has been acting as support before and today we are seeing a bounce off of it, so perhaps the bullish trend is resuming again. The 50 SMA is a good place to buy Terra LUNA coin and now the stochastic indicator is oversold, which means that the pullback might be over. If I bought here, I would place the stop loss below the 100 daily SMA (green) to be safe.
Ripple Daily Chart Analysis – Looking to Buy XRP at $0.50-$0.60
The 200 SMA has turned into resistance for XRP/USD now
Ripple coin continues to show bearish pressure since September, and earlier this month we saw a crash to $0.60. The crash has stopped but the pressure remains to the downside. We saw an attempt to turn bullish last week, but the 200 SMA (purple) turned into resistance for Ripple coin, which shows that sellers are in charge.
There have been no significant developments on the SEC vs. Ripple lawsuit, so buyers have no reason at the moment to buy XRP coins. Meanwhile, Empower Oversight, a non-profit focused on government oversight, has started a legal process against SEC, alleging a conflict of interest in the way it went after Ripple. So, things might start going in Ripple’s favour, but we will wait for the price to slip lower, closer to $0.50-$0.60 to buy Ripple again.
XRP/USD
[ad_2]
