Bitcoin‘s price plunged below $58,000 shortly after reaching its daily peak. This volatility has posed challenges for altcoins, which are not yet showing strong recovery signals. Short-term traders who sold at higher levels have further complicated the situation. What are the current predictions for PEPE and LUNA Coins?
What is the Future of LUNA Coin?
A significant number of altcoins are in the red, and LUNA Coin is not spared. The nightmare triggered by Do Kwon and his team in 2022 has not been long gone, and its indirect effects were felt until recently. The collapse of Celsius, 3AC, FTX, and Genesis was initiated by LUNA’s downfall. Naturally, there are consequences to this.
In the U.S., the sentencing is finalized, and Terra is required to make a billion-dollar payment. Meanwhile, the decision for Kwon’s extradition to South Korea has been overturned. Kwon has faced at least seven extradition orders, but Montenegro has managed to rescind them, deeming them incorrect. It appears Kwon’s decision to go to Montenegro was advantageous as things surprisingly progress in his favor.
In this scenario, the Terra team has little time to focus on network developments. The competition is increasing, and the Terra network quickly lost popular applications during its initial collapse. The exodus to rival networks led to a quiet period for Terra.
What Will Happen to PEPE Coin?
PEPE Coin, which has maintained its support at $0.00000597, might decline to $0.00000456. However, hopes for PEPE Coin remain as it stays close to its all-time high (ATH) target. If closures above $0.00000917 start occurring, new ATH attempts might begin. Bitcoin’s price decline, despite holding above support, indicates buyer interest for now.
BTC’s possible drop to $56,000 could lead to a test of support levels. If support holds, targets of $0.00001311 and $0.00001580 might come into play after necessary support for a rise is sustained.
Key Observations for Investors
- Bitcoin’s decline below $58,000 affects altcoin stability.
- LUNA Coin faces legal and network challenges despite favorable developments for Kwon.
- PEPE Coin is near its ATH target, with potential declines and rises hinging on support levels.
- Investor interest in Bitcoin remains, as reflected by its support levels.
Overall, the cryptocurrency market exhibits significant volatility, influencing both major cryptocurrencies like Bitcoin and altcoins such as LUNA and PEPE Coins. Investors should closely monitor support levels and legal developments to gauge market movements accurately.