Crypto Bottom In? Terra Luna 2.0 Predictions and how I’m Still making Money with LUNA

Today we’re going to be going through, of course, all the news that you need to know to be fully up to date. We’re going to go through what’s happening with bitcoin and the overall cryptocurrency market. We will be discussing what’s happening with the stocks and shares market and how that’s affecting the cryptocurrency market and, of course, we’re going to be touching base on the old Luna debacle. Where are some of your coins and what exactly is going on with the price?

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Now moving on to the crypto bubbles, here we have got some green. We got some red, with the new LUNA down 15%, HEX down 12%, Luna Classic down 8%, and AXS down 8.4%:

So we did have a very nice rally there with Axie Infinity, so if you are a long-term Axie Infinity holder, that was nice to see yesterday and a bunch of coins just kind of sitting in this middle place.

Bitcoin is making up its mind as to where it wants to go. As we can see, green line of support here has been a resistance mark a lot while we’ve been traveling in this little channel here and that is around the $30,500 mark:

What would be quite acceptable and actually quite bullish if this were to occur is if we were rejected at around the $32,000 mark. A little rejection here. We came down. We re-test this line and then we bounce up to hopefully break through this one. This sort of mark would be very bullish. Obviously, that’s a very idealistic situation, but if that happened, it would be bullish. Don’t get too panicked if this happens, but what we don’t want to happen is for us to break down here and then hit back into that sort of motion. That’s what we don’t want to see. That’s what I’m seeing here with the bitcoin price. First we want to break again past that $32,000 mark, and then again and past that $34,500 mark, and then we can start to make some moves, maybe start to speculate, moving back into a bull market. For now, I think the market is very heavily influenced by what’s happening in the outside world, but there is a very slight potential that the bottom is currently and let me know what you think down there in the description.

 I know most people are very bearish right now, but one thing I have to say to you right now is when has the majority ever been correct? Now you can take that however you want. For example, if we take it back when we’re up here at $69k, this is when the majority of the market was the most bullish:

Moving over to the CoinMarketCap, we had a slight decrease today. Let me just refresh that at 0.5%. The total market cap is $1.3 trillion, which is very low in comparison to where we used to be, but bitcoin is now at $31,000, which is nice to see after a lot of sideways action, and Etherium is up close to $2k. If you hadn’t been dollar cost averaging into the market just like I have right now, you would be sitting on some profits. Those profits can be taken off the table. If you think the market is going to go lower, always make a decision based on your long-term game plan. That’s what I’m doing anyway.

Cardano has seen a nice 18% rise in seven days, which is great to see. I kind of think that if we go into another bull run, maybe not now, in the next few months or so, or next year, let’s say, I think that Cardano might actually have its time to shine. Now in the last bull run we saw Cardano pump massively, but we never really saw anything happen within the ecosystem. And something that I’ve been talking about for a long time is finding projects within ecosystems and actually thinking that because the Cardano ecosystem, the coin and network and everything else, has so much fear, uncertainty, and doubt around it, so much bearishness around it, it has the opportunity to have its own sort of Cardano season.

We do have quite a lot of green on the week, which is nice. The crypto Fear and Greed index today sitting at 17, which is one of the highest points we’ve seen in a long time. Most of the last month has been extreme fear, so it is very good to see here, but if we move very fast up here into the green on the yellows, I would be concerned. The market moves too quickly. We’ll probably see people getting leveraged up again because no one ever learns about leverage. Then it will crash inevitably again because the market makers, or the manipulators, or whatever you want to call them, want to push the market down and get as much money out of people who are too emotional with their trades.

So what’s happening in the news today? U.S. stocks ended lower Tuesday as Biden and Powell met on inflation. The Dow’s peek out of gains in May. So the markets overall are a little bit lower today as people are again scared of these inflation meetings. I think, hopefully, we have reached the peak of inflation. We’re going to start to slowly taper off here and what’s nice to see is if the overall stock market is going down but the cryptocurrency market is going up, we’re seeing less correlation between the two, which may mean people will move their assets or more money into crypto as they’re seeing this decoupling. Now that’s not definite, but that’s definitely something we want to see. We don’t want them to be too coupled together because then people don’t think that bitcoin or anything else is a hedge or a worthwhile investment. They may as well keep their money here or keep it in cash. This is something that we do want to see this decoupling from.

Moving on, we see China’s plans to airdrop digital U1 to boost its pandemic-hit economy. Interesting stuff here. The city of Shenzhen has decided to airdrop 30 million digital Chinese Yuan in red in evidence with the help of a lottery program. The move will be introduced in order to revive consumer spending amidst the pandemic-hit economy. This is very interesting stuff. I think this is the first country to do this so far. Of course, China, being a communist country, canceled bitcoin mining, cancelled bitcoin trading, all of this stuff. Now all of a sudden they’re dropping their digital currency themselves, so it’s all starting to fit into place as to the reasons why they did that, and also remember that a lot of miners are still in China, so interesting stuff, but definitely a step towards something right, a step towards a new digital era that we’re going into.

An EU regulator warns Soaring inflation could drive investors to crypto calls for unified regulatory frameworks, so definitely not a bad headline. They’re warning that it’s because of inflation. People are, or will be, interested in crypto as a hedge. But with that said, stable coins face UK regulation following the UST collapse. So the regulators in the UK are very much eyeing up stable coins and the cryptocurrency markets because of this recent collapse. The way I like to see it is that we’re so early in crypto. We know the risks going in, so we understand those risks, but as the market grows and matures, of course regulation will come in. I do think regulation in the short term is worrying for people, but in the long term it does make it a more viable asset class, which is a good thing. I think that’s a good thing.

Moving on to some other news, long-term hold cost basis is rising while short-term hold cost basis declines:

As you can see here, in 2015 and 2016, we had that happen. In 2019, we had that happen. Yahoo Finance is potentially moving below that line in 2022. That could be very good stuff happening soon over on Yahoo Finance. The city strategist Scott Chronert thinks that right now the overall markets are as bearish as they’re going to get. Who knows if that’s true, but I do think that overall the market is super scared. We have seen stocks and shares start to rise. I was talking about Amazon. When it was going down by 7% a day, I was buying it pretty heavily. We have come back and we have started to climb back up in stocks. The overall market’s still down significantly, but overall you can see we’re starting to see more green across the board here. Maybe if peak bearishness has hit, as you know, when there’s blood on the streets, people start to buy and when the majority thinks one way, it’s often the other thing that happens, but that’s what I’ve seen in my brief history of about five years in these markets.

Now, interestingly, Tron commands the third largest total value locked in DeFi. Its network stablecoin USD, which was recently launched as a competitor against Anchor, when you know what happened to Anchor, has launched and it’s now the third highest in TVL, which is interesting stuff for me personally. Right now, I’m almost completely out of DeFi. I do hold some DeFi-based tokens like Trader Joe’s, for example, and some others. I’m not staked anywhere apart from centralized platforms. I’m currently not staked anyway because I’m taking a little step back from DeFi and trying to come up with a new DeFi-based plan.

With that said, we have recently seen that some Luna participants in the airdrop didn’t receive as much Luna as they were meant to:

So, basically, just hope they sort you out, which is quite annoying. If we go over the price of Luna Classic today, down 10%, down lower than two cents, I would get out of this if I was still in it personally.

We got Terra, the new one is down 15% today, sitting at $7. I think now an interesting thing is that you can trade Luna over. I’ve been doing here is trading these in scalping positions and also in short positions when we had a big pump. This is the way you can use leverage to your gain right without risking too much. If you use even 3x, 5x, or 10x, you can lose a lot of money. Of course, you can make a lot of money if you know what you’re doing, but you can also lose a lot of money. So because I want to dabble in this sort of thing, I use 1x leverage, which is essentially the same as me buying something but I want it to go down. That’s all. So that’s what I’ve been doing. I’ve made only very small gains. I’m going to continue to try and make the best of this situation, not personally holding on for the long term, because we really don’t know where we’re going to go. This could absolutely pump it or it could completely dump it on everyone. There is no way of telling.

 [This article is a transcription of a video made by Conor Kenny]

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