Cryptocurrency investors faced losses in July, and August is not showing much improvement.
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The crypto market’s lack of investor interest has led to reduced trading volumes, causing several cryptocurrencies, including LUNA and AVAX, to lose critical support levels. The expectations for LUNA and AVAX remain uncertain amid the current market conditions.
Terra Struggles with New CEO and Lack of Profits
Terra, despite building a $40 billion ecosystem, faces challenges with a new CEO and no profits. The crash from last year remains unresolved, and the network’s activity is not as desired, with popular applications moving to other blockchains. Speculators discuss triple-digit price targets, but long-term prospects for LUNA Coin as an altcoin are uncertain. Some investors buy and sell for short-term gains, while others hope for better performance in the future, but risks remain.
Since June 10, the price of LUNA Coin has been testing the $0.53 level. So far, the final support at this level has not been broken. In the short term, if the price closes above $0.58, it could potentially reach $0.68. However, if the price doesn’t hold above $0.53 and breaks lower, it may create new lows, especially during general market declines.
AVAX Price Analysis: Potential for Bullish Momentum
Since July 14, the AVAX price has been on a steady decline. However, it recently tested $12.3 on August 5 and is now showing signs of recovery. If the popular altcoin can maintain four-hour closings above $12.77, it may gain bullish momentum. The next price targets are $13.35, $14.58, and the range between $15 and $17.
AVAX has experienced a highly inflationary year, contributing to its poor performance amidst the overall market decline. The altcoin’s future is also influenced by whether BTC will lose the critical level of $28,300, as Bitcoin continues to struggle to hold $29,000.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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