Bitcoin (BTC) analysts faced another day of frustration on May 28 as the BTC/USD pair refused to offer volatility up or down.
“It’s not the decoupling we wanted”
Data from Cointelegraph Markets Pro and TradingView showed that the largest cryptocurrency remained in a tight short-term range over the weekend.
Previously anticipated support levels to prevent a deeper correction managed to hold in the May 27 Wall Street sessionbut no bounce higher either, as commentators searched for new signs.
“Short resistance and long support until one of them breaks. Keep it simple on ranges as they are there to create liquidity for trend continuation or reversals,” popular Crypto trading account Tony said in part of a recent tweet.
Others focused on relative underperformance of bitcoin compared to stocks, which ended higher at the end of the week. The S&P 500 gained 2.47% on May 27, while the Nasdaq Composite Index rose 3.33%.
Well, it looks like this time might be different.
Also, this is not the decoupling that we wanted. #bitcoin $BTC https://t.co/3YSFbL4rcb pic.twitter.com/krFEurFkaf
— Jan Wüstenfeld (@JanWues) May 27, 2022
Well, it looks like this time it could be different.
Also, this is not the decoupling we wanted.
Unlike bitcoin, equity markets took advantage of the continuing downward trend in the strong US dollar.
The US Dollar Index (DXY) traded at 101.6 on the day, down from highs of 105which had marked a peak last seen in late 2002.
Analyst Matthew Hyland noted that the index pullback meant that it was now defying its overall bullish trend from the beginning of the year.
US Dollar (DXY) Weekly RSI heading toward a crucial test of the trend line that started at the start of the year: pic.twitter.com/529BsZxshD
— Matthew Hyland (@MatthewHyland_) May 28, 2022
US Dollar Index (DXY) Weekly RSI heading towards a crucial trendline test that started earlier in the year.
Do Kwon confirms the revival of LUNA
On altcoins, the revival of the controversial Terra Blockchain protocol was met with poor performance.
The co-founder of Terra, Do Kwon, confirmed the launch of the new mainnet for the internal token LUNA on the day.
To view your $MOON (or $LUNA2 as some exchanges call them) token balances, you only need to log into station and refresh the page
For new users coming in from IBC et all, create a station wallet with the same ledger and station should walk you through the remaining steps https://t.co/1ZKmCGKLvp
— Do Kwon (@stablekwon) May 28, 2022
To see your LUNA (or LUNA2, as some exchanges call them) token balances, just log in to the station and refresh the page.
For new users coming from IBC and others, they must create a station wallet with the same distributed record and the station must take them through the remaining steps.
At the same time, concern increased by other major altcoin projects, notably Celsius (CEL), which had managed to drop from $0.80 to around $0.50 in less than a week.
hex (HEX), a project that had aroused suspicion throughout its existence, suffered a similar fate, falling from just over $0.11 a week ago to lows of less than $0.05.
Nevertheless, top ten cryptocurrencies by market cap copied bitcoin’s low volatility behavior in the 24 hours up to the time of writing this article, and only Dogecoin (DOGE) registered notable movements, this time higher to recover $0.08.
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