As of June, Bitcoin remains stable at $60,200, while altcoins are experiencing a decline. Despite favorable PCE data showing a decrease in inflation rates, the price of Bitcoin is still within a narrow range. Various unique issues in the cryptocurrency market have led to a decrease in risk appetite.
What is the price prediction for LUNA coin?
Currently, the trading price of LUNA coin is $0.426. With Bitcoin continuing to weaken, the support level of $0.4 is crucial for defending against LUNA coin bulls. If this support fails, the price may drop to $0.378 or lower. The $0.364 level was tested in August 2023, and buyers are expected to buy at prices of $0.35 or below. Visit COINTURK FINANCE for the latest financial and business news.
For a potential rebound, maintaining support at $0.55 is crucial. Otherwise, LUNA coin may hit a new all-time low. Unless Bitcoin experiences an unexpected recovery, the downward trend seems more reasonable.
Why is LUNA coin facing challenges?
Negative sentiment also dominates LUNA coin. Long-term risks are often discussed, and apart from speculative price fluctuations, there is no reliable indication to convince investors of long-term benefits. Maintaining support at $0.00007076 is crucial as the market currently lacks an upward trend. Failure to do so may result in a similar historical low as LUNA coin.
Solana is expected to perform well in June; however, the ETF applications from VanEck and 21Shares did not yield the expected results. Historically, Bitcoin and Ethereum ETF applications did not immediately lead to sustained increases, so the market’s lack of response to the recent applications is not surprising, especially considering Bitcoin’s current state.
Key takeaways for investors
Bitcoin’s stability at $60,200 has impacted the broader cryptocurrency market. Altcoins like LUNA and LUNC are struggling at key support levels. Solana’s expected performance is hindered by market conditions. ETF applications do not guarantee an immediate improvement in the market.
In conclusion, Bitcoin’s stagnant price has affected the broader altcoin market, posing significant challenges for coins like LUNA and LUNC. Solana’s performance is also below expectations, highlighting the uncertainty impact of ETF applications. Investors should closely monitor key support levels and market trends.
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