LUNA is down more than 50% in today’s session as markets continued to react to the UST is losing parity with the U.S. dollar. As a result, traders lost faith in the Daw Kwon-founded Stablecoin, which fell to its lowest point since September. While LUNA stole the news headlines, XMR and AXS also suffered recent losses.
Terra (LUNA)
LUNA fell more than 50% in today’s trading session as markets reacted to the UST Stablecoin losing parity with the US dollar.
After trading at a peak of $57.44 earlier in the week, LUNA/USD fell to a low of $24.14 earlier in the day.
This drop in price is the biggest one-day move of all time for LUNA and brought the price to its lowest point since last September.
This move came after five consecutive sessions of decline, the last of which brought the price below the $50.00 support level.
Looking at the chart, the 14-day RSI is reading off the charts and is currently at 20.46, which is the weakest level in LUNA history.
Do Kwon tweeted, “Close to announcing recovery plan for $UST. Hold on tight,” now we will wait to see how the markets take any potential plans and assurances.
Axie Infinity (AXS)
Several cryptocurrency tokens traded down more than 10% today, but AXS token stood out the most.
The token, which acts as the currency for Axie Infinity, a blockchain-based trading game, was down more than 15% on Tuesday.
As a result of recent bearish pressure, AXS/USD hit an intraday low of $23.92 after peaking at $29.59 during yesterday’s session.
Overall, AXS is down more than $50 since early April, and today’s bottom is the lowest level in ten months.
As you can see on the chart, prices still seem to be consolidating despite breaking through the $28.80 support level, which may be good news for those expecting a longer-term rebound.
Relative strength over the past 14 days is also in oversold territory, which could mean that a bottom has already been found that will support a price rebound.
Image Credits: Shutterstock, Pixabay, Wiki Commons