#SOL tried to manage to hodl the major support but failed as #BTC dumps hard again. Now, the major level becomes resistance and currently, price is in a short-term pullback phrase/ retesting the resistance.

#LUNA Analysis :

#LUNA dropped hard as #BTC price dips. Price tapped to the strong support zone of $57.50 - $62.00. Long wick shows strong buy pressure. Buy setups not looks good. Better wait for opportunities. Resistance is around $76.10 - $79.50.

Bitcoin is unable to hold the support of the $34,000-$34,200 area. BTC is now trading below $34,000 and things look ugly now. We might see more downward movement in the coming days. The next good support is the $32,500 level and major support is $28,500-$30,000 area. Trade with tight stop loss.

ETH break the bull flag in a downward direction and dumped hard from there. ETH is now trading near the daily support of $2320-$2400 area. If this support is broken then we see more downside move towards the $2150 support level. The first resistance is $2650 area and $2900 area.

Glassnode data suggest that further USD appreciation may lead to further BTC depreciation and vice versa. Dollar Index (DXY) is going up without any correction, a correction is expected and we are very near to the bottom of this BTC downtrend.

SOL retested the resistance as expected and going down from there. We see more downside move towards next good support of $66-$68 area. Wait for new entries near the support level. The first level to break is $78-$82 area.

#BTCUSD 1W
#BTC
#bitcoin
#بیتکوین

📛Apparently the price is in an uptrend channel and the price is on the verge of touching the bottom of the channel ... The last trench is in the range of $ 28,000 to $ 32,000 and if this range is broken, we should wait for the prices of 18,000 to 19,000 to be seen. If we support the price, we can see an upward movement in the range of 46,000 to 48,000 dollars ...

📛ظاهرا قیمت در یک کانال صعودی قرار دارد و قیمت در آستانه ی لمس کردن محدوده ی کف کانال است ... آخرین سنگر در محدوده ی 28000 تا 32000 دلار قرار دارد و اگر این محدوده نیز شکسته شود باید منتظر دیده شدن قیمت های 18000 تا 19000 دلار باشیم ... در صورت حمایت قیمت میتوانیم تا محدوده ی 46000 الی 48000 دلار یک حرکت صعودی را شاهد باشیم ...

GRT analysis:

GRT is now testing the major support of the $0.23-$0.30 area on the daily chart. There is no buying opportunity here. You can place your orders in the range of $0.23-$0.25 area. The local resistance is $0.30 area and the major resistance is $0.38 area. A daily candle close below $0.23 is a sell signal and we see more downtrend. Keep your stop loss below the support level.

#GMTUSDT 1D
#GMT

Bitcoin keeps dumping hard and is unable to hold the $32,500 support level. BTC tested the major support of the $30,000 area and needs to hold above this zone. A daily candle close below $28,500 is extremely bearish and will lead to panic selling in the market. Keep tight stop loss in all open positions.

LUNA dumped hard because of the UST peg issue. LUNA tested the $22.80-$25 support level and this is the last support for this rally. A break below this support will send LUNA to sub $10 levels. Wait for some time to settle the market for new entries. The resistance is $38-$40 area.

The TOTAL2 broke the support and dumped hard from there. Most altcoins see double digit loss in last 48 hours. TOTAL2 is now taking support at $780-$800 billion area. We might see a test of $925-$970 billion resistance now. If it goes above this resistance then we see some positive movement otherwise the dump will continue.

CAKE analysis:

CAKE rejected from the $9.65 resistance area. CAKE is now testing the major support of $5.30-$5.65 area and we will see some bounce from here. The local resistance is $6.20 and good resistance is $6.80-$6.90 area. Try to catch some CAKE near the support level with tight stop loss.

Bitcoin is holding the $30,000 major support level. This is the area where BTC bounced back last time and made a new all-time high. Bitcoin need to show some strength from here. Market is full of panic and a small negative news will dump the market. Wait for 2-3 days to settle the market for new entries.

LUNA dumping hard and broke the major support level. As said LUNA is now trading below $10 and this is the reason we told you to stay away from this. The next support is the $7.80-$8.80 area and if this is broken then we see $3-$4 very soon. LUNA is highly volatile and trading is risky now. Don't try leverage trading and use tight stop-loss if you buy LUNA.

BTC balance on known Luna Foundation Guard (LFG) addresses keeps decreasing. This creating panic in the market. LUNA and UST is dumping hard and pulling the whole market down. Let the dust settle down.

BNB analysis:

BNB broke the major support of the $330 area and now trading below it. BNB is looking bearish and we will see a test of major support of the $250-$260 area in the coming days. This is no trade zone either buy above $330 or buy near the support level.

IOTA analysis:

IOTA is going down with the whole market. The good support for IOTA is $0.265-$0.27 and we see a test of this zone before next move. The local resistance is $0.37 area and major resistance is $0.48-$0.49 area. Try to grab some IOTA near $0.27 with tight stop loss. We may see a bounce towards the resistance in coming days.

Bitcoin Weekly analysis:

Bitcoin is now testing the last weekly support level and a break below this is extremely bearish. The next good weekly support is $20,000-$22,000 area. BTC needs to hold the $28,000 level at all cost. The weekly resistance is $35,500-$36,000 area. If you have any open position then put tight stop loss because a break below this support will cause heavy selling.

LUNA and UST explained

Terra is the layer 1 blockchain like Ethereum or Bitcoin blockchain.

Terra blockchain has two token:

1. LUNA (the native token of Terra blockchain)
2. UST (the stable coin on Terra blockchain)

UST is a stable coin and the price is pegged to $1.

To mint $1 UST the algorithm will burn $1 Worth equivalent LUNA. This means that if UST demand increases the supply of LUNA keeps reducing. There is 20% APY for UST (which is very good for a stable coin) and this keeps pushing the demand for UST.

There is one problem with this algorithm that you can redeem UST for LUNA that means you can burn $1 UST to mint $1 worth LUNA.

When UST start losing its value from $1, users panicking and redeemed it for LUNA and this create huge supply in LUNA coins and more coins are sold on market. This is domino effect and create more panic with price dump.

The team is also minting to support the UST price but unable to make it stable and dumping LUNA on market.

The team is trying to stable the price of UST. Stay away from LUNA and UST for the moment until the pegging is done.

Also we may see delisting of LUNA from major exchanges because of the price drop.

We may see this thing happen again for other stable coin. Read about how the coins works and which algorithm it uses.

Calculations for UST and LUNA #copied

- UST has a circulating supply of 12.12B
- It has a market cap of $7.4B
- To restore peg 12.12B - 7.4B = 4.72B of UST needs to be burned
- Terra validators have overwhelmingly agreed that this is what must be done, UST must be burned and peg must be restored
- To burn UST (and restore peg), you need to mint new LUNA
- To burn 1 UST you need to mint $1.00 worth of LUNA
- Let's do some simple math
- Say we can burn all the excess UST all at once right now, and restore peg
- To burn this 4.7B of UST we would need to mint $4.7B worth of LUNA
- At the current price of LUNA ($0.03), this means we would have to mint ~156B LUNA
- In this scenario, the circulating supply of LUNA would increase from 3.5B to ~160B (increase 45x)
- The price of LUNA will decrease to ~$0.0006
- Now you could in theory begin to slowly burn down that 160B circulating supply of LUNA (does this sound impossible and like a terrible investment? IT SHOULD SOUND IMPOSSIBLE AND LIKE A TERRIBLE INVESTMENT)
- The scenario described above is a made up fantasy and is not possible
- What's really going to happen is actually infinitely worse
- First problem: You can't burn all 4.7B UST at once because you can't mint 156B LUNA at once
- There is a limit on how much LUNA can be minted in one day
- Right now, they are voting to increase the limit
- This leads us to problem #2
- Second problem: As you mint LUNA, the price of LUNA goes down (LUNA is diluted), which means to burn more UST, you need to mint even more LUNA, until you descend into a vicious feedback loop of all out LUNA minting madness
- This is referred to by validators and people who understand the protocol as the "death spiral"
- Right now you can burn $1B UST by minting 33B LUNA
- The circulating supply of LUNA goes from 3.5B to 38.5B
- The price of LUNA is now 0.0027
- You then burn your next $1B UST by minting 1,000,000,000/0.0027 = 370B LUNA
- You burned your first $1B UST by minting 33B LUNA. The next $1B UST by minting 370B LUNA
- The next $1B UST would take trillions and trillions of LUNA
- I used $1B chunks just as an example
- Obviously the size of the burns would be much smaller as it depends on UST holders' bags
- The point is, LUNA can't recover unless they just decide to fundamentally change how the protocol works, which would result in Do Kwan and everybody else on the project being instantly indicted for fraud