Avalanche losses are tamed. However, AVAX/USDT prices may slide to $10. Meanwhile, Terra is free-falling. The odds of LUNA/USDT crashing to $5 remain high.
The network uses stablecoins to power a global payment system. Its primary currency is LUNA.
Past Performance of LUNA
LUNA prices are carving in after the pummeling of the last few days. LUNA/USDT technical analysis suggests weakness.
In the past 24 hours, LUNA is down double-digits, roughly 25 percent against BTC and USD, forcing the coin below critical support levels.
As a result of the general apprehension in the market, LUNA trading volumes on the last trading day are down 28 percent to $503 million.
Day-Ahead and What to Expect
The LUNA price has lost over 40 percent, sliding rapidly in the last week of trading.
At $7, bears are in the driving seat, breaking below the critical support level.
Considering the pace of this degradation, the odds of further losses and a possible 80 percent drop to $5 are on the cards.
LUNA/USDT Technical Analysis
The technical candlestick Arrangement of the LUNA/USDT price suggests weakness.
As such, every pullback below $11—April 2021 lows—may be another opportunity to unload with immediate targets at $5—the 78.6 percent Fibonacci retracement of the Q1 2021 trade range.
Projects keen on launching DeFi dApps, financial assets, trading portals, and more can do so from Avalanche. Its primary currency is AVAX.
Past Performance of AVAX
Unlike other digital assets, AVAX losses are comparatively low.
However, from the AVAX/USDT technical analysis, the coin now trades below a primary support line in a bear breakout pattern.
Still, losses aren’t profound. It comes after an extended period of horizontal movement.
At present, AVAX is changing hands at $19, down 18 percent on the last trading day.
Day-Ahead and what to Expect
After peaking in February, AVAX/USDT remained in consolidation before tanking last week below $23 in a bear breakout pattern.
Reading from price charts, AVAX is down over 50 percent from Q1 2021 peaks and may shed more in the days ahead.
From the daily chart, AVAX bear bars are now banding along the lower BB, suggesting intense bear pressure.
AVAX/USDT Technical Analysis
Reflecting the general state of crypto, AVAX is down 18 percent on the last trading day. Immediate resistance is at $23.
In an apprehensive market, aggressive AVAX traders can unload on pullbacks. Their targets are at around $10 in a bear trend continuation pattern.
It will especially be the case if the trading volumes pick up and prices are dumping.