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The post Technicals Hinted Collapse Of LUNA Price Says Popular Analyst Peter Brandt appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

According to veteran cryptocurrency trader Peter Brandt, the devastating implosion of one of the largest cryptocurrency ventures was in the cards.

The creation of the traditional head and shoulders chart pattern, according to Brandt, was the catalyst for the red-hot token’s demise.

When a price peak (shoulder) is followed by a higher price peak (head), and then another lower peak, the easy-to-spot configuration appears. Despite the fact that traders generally underestimate the relevance of such traditional patterns, Brandt believes it was on display during the collapse of LUNA.

LUNA

Last Monday, the token, which was worth a stunning $42 billion just two months ago, crashed to zero. The UST stablecoin, which is linked to LUNA, has lost its peg, leaving its users in the lurch. 

Following a brief recovery after purportedly pumping billions of dollars in Bitcoin from its reserve to resuscitate the peg, UST continued to fall. It fell below the $0.01 level yesterday.

Recovery Plan?

Do Kwon, Terra’s contentious co-founder has proposed a fresh recovery plan that involves forking the chain and starting over. The UST stablecoin is no longer part of the strategy. Despite the fact that it was the project’s key selling feature, Loan believes that Terra is bigger than the failed stablecoin. Kwon is doubling back on his mistakes, despite mounting pressure to leave the business alone.

Meanwhile, following the Terra incident, financial regulators throughout the world are focusing their attention on stablecoins. Local regulators have urged exchanges to delist LUNA, according to a recent report by Yonhap, a South Korean news site. 

LUNA is now trading at about $0.00019. At nearly half a cent or $0.006 per share, LUNA would reclaim its prior market cap of around $40 billion — a more reasonable mid-term price target, but still difficult given Terra’s declining reputation.

Many traders want to purchase LUNA, therefore it can still put in 100x moves and powerful pumps in the short run.

One thought on “Technicals Hinted Collapse Of LUNA Price Says Popular Analyst Peter Brandt

  1. During the last Bull run I was living like a king. I've only been in the market since the Dogecoin crash on SNL but I was able to accumulate a good amount of coins before the next run up to many all-time highs before the crash.

    I was able to get Etherium at $2,000, I was day trading many many coins, xyo and ACH being the funniest ones, and I felt invincible. Every night I was making money off my trades it was way too easy to make money in the Bull run. If you were losing money during the Bull run you were either not being patient or using 100x leverage or something crazy like that.

    During our run up to the all-time highs before we started crashing I was able to accumulate a few assets. I created my own gym and used that as a side hustle to train people. I was able to go visit my sister in South Dakota and bring my mom and my daughter with me which was an amazing experience.

    Also, I was able to donate a lot of money to charities and it felt good doing that. In addition, I was eating like a king and staying fresh to death thanks to my day trading. I learned the importance of not your keys not your coins and I was able to get a ledger. I also bought a new car for the first time ever.

    Now that we're in this boring bear Market I miss the Bull run we were on. But that is not going to stop me because I'm going to continue to DCA, and hodl. The only thing that sucked about the Bull run was that I was caught off guard when we crashed and ended up holding a lot of bags because of my day trading. I have learned many lessons from that but all together I'm super grateful to be in this space and now I want to read about your guys's fun stories and amazing experiences with the last Bull run.

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