As the year draws to a close, investors reflect on a year that hosted over 160 significant events in the crypto world. The anticipation for 2023 is high with expectations of major breakthroughs, including halving, interest rate cuts, and potential ETF approvals, promising an even more exciting year ahead.
The collapse of the $40 billion Terra ecosystem before the FTX debacle was a sobering lesson for investors, who witnessed prices plummet by 99% over several days. Despite this, a group of hopeful investors clung to the remnants of Terra in 2023, looking for signs of life in the ghost town it had become.
After hitting a low of $0.46 in November, LUNA Coin prices began to recover, briefly surpassing $1. However, due to negative long-term expert predictions, this was not seen as a major buying opportunity, and prices peaked around $1.25 before falling again.
Currently, the chart suggests a pullback to support levels at $0.8 and $0.58, with further declines expected unless a major surprise occurs. Conversely, a surge above $1.25 could target levels of $1.5 and $1.92, but this would require a significant wave of FOMO (Fear of Missing Out).
Meanwhile, AVAX Coin’s price has dipped below $40, erasing the previous week’s gains despite unlocking key milestones. The coin was unable to reclaim the high-volume selling zones from May of the previous year, even though it came close to $50 before retreating.
If the selling pressure continues, new lows between $36 and $32 could be seen. With the market’s focus shifting towards Bitcoin due to ETF expectations, altcoins like AVAX may face liquidity shortages. Investors are already initiating profit-taking in anticipation of a potential “sell the news” event, which could push AVAX Coin prices towards the critical $22 support level.