Bitcoin prices trade sideways, extending their consolidation phase and bumping the altcoins into a deep bearish trend ahead. As more than $500 million have been dried up from the market in the past 24 hours, the fear and the uncertainty among the traders can be sensed. The 9-straight weekly candles on the BTC price chart signify the bottoms of the current bear cycle has yet to be achieved.
So, will the crypto bear market ignited by the LUNA-UST crash, be stabilized with the launch of the new LUNA 2.0?
The snapshot of the holders holding LUNA during the mentioned time has already been processed. And hence exchanges that have stepped forward to support have also announced the distribution of the new tokens as they receive. But is the previous scenario repeating again? Where-in market ignited a bearish trend just before the de-peg event. If yes, one cannot expect major price changes after the lauch of new tokens.
Bitcoin & Ethereum Prices in a Deep Trouble!
Bitcoin price is current; fighting to hold the support levels very hard. It appears that a path towards the lower support of close to $20,000 has been laid out. After swinging within a bullish pennant since the beginning of the month, the BTC price now appears to have pulled a leg down. And hence the current price target at around $26,684 appears to be imminent.
On the other hand, the Ethereum prices are also appearing to be extremely bearish as the current market trends are dragging the altcoins towards their lower support levels. The price is strongly heading towards the lower FIB levels after being rejected from 0.2 FIB levels at around $1905. Presently, the ETH price target of the asset appears to be around $1570 which appears imminent as the monthly close approaches fast.
Therefore, now when the top 2 crypto assets collectively share nearly 70% of the global market capitalization. And hence if these 2 assets drop harder, then the entire crypto space may be impacted inversely. Moreover, if LUNA 2.0 launches in the ongoing bearish market, the possibility of the price not receiving a bullish push emerges. But will the new token witness the same fate as old LUNA tokens, we need to wait and watch.