The Market
We’ve got a lot to break down. Everything that’s happening with Luna Classic, that whole debacle ecosystem whatever, and then go over what’s happening in the overall market. Luna Classic up 92%. Very interesting stuff that I want to discuss going around with that we got WAVES, HNT, LINK, some of our long-termholds sitting here, but overall the whole market is up. Why? Because obviously, bitcoin is making a move upwards.
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There isn’t much positive news out there. We haven’t had any new inflation data or anything like that. What we’re seeing is that bitcoin has literally made history over the last nine weeks. We saw nine weeks of red, nine whole weeks of red ,and now potentially we are heading into a relief rally, which is something that I was talking about here on the channel, something that I was very much expecting around last week or the week before, but we are now potentially seeing it now.
It is paying attention very closely to what happened with this price. So it’s quite likely that we could come up and re-test around that $34,000 range, which coincides with these levels of support that have come in loads over the last few years. So that’s the first sort of line around $33,000-$35,000. It is very important. Then, next of all, push up to around that $38,000.
If this happens, I reckon the entire market will, of course, react positively to it. But this will lead to profit taking. If we see bitcoin head up quickly, we’re going to see some of these altcoins rally massively. The top 20, 50, or 100 coins could ratifically rally. But in that instance, I would expect us to see massive amounts of profit-taking. What you would be doing is definitely securing some profits on the way up, not trying to time the top in the same way. I’m not trying to time the bottom. Do the same thing on the way up. I’ve been making my purchases with bitcoin, Ethereum, and some of my longer termholds altcoins. If we go into a relief, which I personally think is quite likely now, I would be taking profits along the way just to secure some of them incase we do come back down, which I personally think is quite likely now.
Even though, I do kind of think we may have the bottom in this whole bear market with both crypto and stocks, equities, everything. If we have had the bottom and we start to rally from here, we’re going to see things clear up much quicker than everyone expected. But also, you have to remember that on a macroeconomic scale, things are pretty bad right now.
Nothing really good has happened. We’ve been talking about the CPIDA inflation data, that sort of stuff, and it could be pointing out that peak inflation has peaked and we’re on the way down now. That could give investors a new lease on life and want to invest again. But right now, considering how scared the whole market is, the crypto agreed on fear index today. I think it’s at a 10/10. We’ve been in extreme fear on every time scale. We have the day, yesterday, last week, and last month, and it is unusual for us to stay in that state for so long. You can see how low we are right now in comparison to how long we’ve stayed there in the past every other time in crypto’s history.
Luna Update
What’s happening with Luna and all of that sort of stuff? What’s happening with finance? What’s happening to their coins? They’re seeing their coins disappear. Binance has cleared that up current Luna old holders may be nothing that their coins are disappearing from wallets. Please do not be alarmed, this is part of the preparation for the switch to Luna Classic, an upcoming airdrop of New Terra 2.0. So this may be happening on your exchange or you may be using financing. If your coins are disappearing, they’re simply just gearing up to change them from Luna to Luna Classic.
You’re not going to lose your old Luna tokens. I repeat, those old lunar tokens are not being directly swapped for new Luna tokens.
They’ll stay in your wallet and become a Luna Classic. Some exchanges can do this quickly when they have low liquidity, or low users, but other exchanges, like Binance, have so many users to go through. It just takes a lot more time. So you will have Luna Classic and Luna 2.0 in your wallet once all of the airdrops have occurred according to Binance’s twitter right, and then on top of that, finance will list terror 2.0 in the innovation zone and will be open for trading on May the 31st at 6am UTC.
So what do I think this is going to do to the price? Let’s discuss that because I know a lot of people want to know. Right now, Terra is sitting at around $6.39. We saw a massive decline in the price, and people were whinging about this.
People were upset about it, but of course that was going to happen. Every time a new exchange gets hold of the new terror, people are going to dump it. I dumped mine. I took profits because, for me, it’s not worth it. I want to get as much money back from this as possible. If anything, I see a Terra Classic here is much more of an interesting play because of the community idea that people are burning their tokens, they want to fight back.
What I’m seeing people do, is that they’re getting their Luna, selling their Luna, and then buying back Luna Classic in order to pump up the price. I’m not advocating that I’m not doing that. I’m just seeing people doing it, and it’s a far more interesting and exciting play, because it’s kind of sticking your middle finger up at what their new plan was. I think that’s fun. So Classic is up on 89% for the day. But remember, it’s still down significantly. So even like a week ago, it was $0.0001501 and now it’s still down significantly ,even though it’s an 87% – game. Don’t feel like you’re missing out on any of these a lot of, because it’s very hard to get.
If this is something that you believe in, dollar costs averaging slowly, staying unemotional and not using money that you need, it is something that you could consider. But Terror Classic, I think, it may continue to raise prices a little bit from here, but most likely.
What we see next, is more people getting hold of their new Terra airdrop, selling it onto the upper market. This price going down, being beaten down until we find a bottom. I think the biggest drop will come when Binance lists it tomorrow, so I think that would be a good opportunity, if you don’t want it.
I think that’s going to come down. I think maybe we’ll see this price in turn continue up a little bit as people are getting hold of some funds. They’re swapping them basically for Terra Classic.
Then when the euphoria around bitcoin inevitably goes away,that we’re having now may be a short termpullback. We may hit the trend line comedown. We may hit $33k, $34k, $35k come back down. That sort of stuff, people will panic and then again, this is going to drop. I think this will drop, most likely very soon, but that’s the point where we can watch.
I also think that it’s going to take a long time for this to get anywhere. Right now, sitting at a $1,274,881,166 MarketCap, which isn’t massive, but also isn’t in any way small. So, it’s going to be very volatile and that’s what I’m seeing going forward. Now what have I been doing in this market? Of course, a dollar cost equals one bitcoin made a purchase of bitcoin for around $28,000 and change just the other day. The same with Etherum dollar cost averaging. Those are my longest, highest conviction longterm plays. Just a little cost averaging into them again. If Bitcoin drops to $20,000, what am I going to do? I’m going to dollar cost average it.
I may take some profit from Bitcoin, I may take some profit from Ethereum, but I will most likely be taking profits from my more risky plays, holding them in stablecoins and fiat currency. So now one of the parts of my new game plan is holding fiat currency on the exchanges rather than just stable coins. That protects me from a collapse in a stable coin like we saw, which i was very much burnt by. But that’s all over my game plan.
Price for the new Luna. Now it’s over on KuCoin, it’s about $6. There is an opportunity for scalp trading here if you know what you’re doing. But look into that, pay attention, don’t get too caught up in the short term.
[This article is a transcription of a video made by Connor Kenny]
Original video: https://youtu.be/VClemtqPLu8 ]
