LUNA loses 50% of its value while XMR and AXS continue to drop – Market Update Bitcoin News

LUNA is down more than 50% in today’s trade as the market continues to react UST loses its parity with dollars. As those traders lost faith in the stablecoin founded by Do Kwon, the stablecoin fell to its lowest point since September. While LUNA grabs the headlines, XMR AXS also extended its recent losses.

Earth (Moon)

LUNA is down more than 50% in today’s trading session as the market reacts to the stablecoin UST loses its parity with dollars.

After starting the week at a high of $57.44, LUNA/USD fell to a low of $24.14 earlier in the day.

The price cut was the biggest one-day drop since LUNA was founded, pushing prices to their lowest point since September last year.

Biggest mover: LUNA loses 50% of its value, while XMR and AXS continue to fall
LUNA/USD – daily chart

The move comes after a five-session losing streak, most recently pushing prices below support at $50.00.

Looking at the charts, the 14-day RSI is reading off the charts and is currently tracking 20.46, which is the lowest level it has recorded in LUNA history.

Do Kwon has since tweeted: “Recovery plan for $UST announced soon. Hold on”, we will now wait to see how the market digests any potential plans and/or safeguards.

Axis Unlimited (AXS)

Several crypto tokens are trading down more than 10% today, but one that stands out more than the others is AXS.

The token, the currency of blockchain-based trading game Axie Infinity, fell more than 15 percent on Tuesday.

AXS/USD hit an intraday low $23.92 after hitting a high of $29.59 in yesterday’s session on the back of recent bearish pressure.

Biggest mover: LUNA loses 50% of its value, while XMR and AXS continue to fall
AXS/USD – Daily Chart

Overall, AXS has lost more than $50 since the beginning of April, with today’s lowest price being the lowest in ten months.

As the chart shows, despite breaking the $28.80 support, the price appears to be consolidating, which could be good news for those expecting a longer-term rally.

The relative strength of the past 14 days is also hovering in oversold territory, which could mean a bottom has been found to support the price rally.

Have we found a floor in AXS, or will the bears continue to push prices lower? Let us know your thoughts in the comments.

Elijah Danbell

Eliman brings an eclectic perspective to market analysis, having served as a brokerage director, retail trading educator and market commentator for cryptocurrencies, stocks and foreign exchange.

Image Source: Shutterstock, Pixabay, Wiki Commons

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