Terra isn’t dead: the network is back up and running on a new blockchain, focusing on a more decentralized governance model. The community is making no attempts to revive its recently failed TerraUSD (UST) stablecoin. It has, however, re-launched a new version of the LUNA governance token, restarting its supply at 1,000,000,000 tokens. Here are the facts on the new blockchain, why it was launched, and the new token’s airdrop/ distribution. Background on Terra 2.0 Terra 2.0 (now known formally…
In the past 24 hours, Bitcoin has maintained a bearish price trend, while Ethereum, Cardano, and Solana’s prices continue to rise. Cardano and Solana have been making new ATH values in just the past few weeks. The crypto market also seems to be in recovery.
BTC Bulls Still Uncertain
BTC is still on a high low but showing signs of a continued bearish statement. Late 31st August, bitcoin was trading at $47.9k. A few hours later, it managed to even hit the peak value at $48.12k. However, after hitting the 24 hours high, Bitcoin immediately dropped in value. Even worse, it reached $47.5k in less than one hour.
The bearish has continued as BTC has been unable to recover to its peak values. When plunging, bitcoin managed to break out below its previous support point at $47.1k, dropping to as low as $46.57k. Although the coin is trading at $47.7k currently, its drop predicted a possible continued bearish.
Bitcoin’s most immediate support points are now at $45.2k and $45.5k. Dropping below the first support could further drive the coin’s prices lower.
Recovery is also possible and much more likely to occur in the next few days. However, this coin must surpass the strong resistance level at $49k and get a firm base at that point. Moving forward, it will face other resistances at $50k, $54k, and $58k.
Ethereum Price Analysis
The second-largest crypto, ETH, also seems to be in a recovery trend, which began early Monday. This coin has been trading on bulls, increasing in prices daily. Today, Ethereum is trading at $3528, which is a price increase from $3417.
The coin also dropped in value sometimes during the past 24 hours, hitting the lowest trading price of $3354. However, the coin quickly recovered, in fact breaking out from the resistance levels at $3507. Ethereum’s next resistance level is $3623, and another one at $3781. If Ethereum breaks out past the resistances, it will have an even bigger chance of hitting $4k soon.
Cardano and Solana
Cardano is probably the most impressive crypto asset on this list. Its price actions in the recent few weeks have benefited investors. Cardano is currently trading at $2.82, a slight decline from its all-time high of $2.95. If Cardano surpasses the resistance at $2.85, and $2.95, it will hit $3. The most interesting thing about Cardano is that its value will vastly surge once it fully supports Defi.
Solana has also shown expert forecasters that it’s in the race to be one of the major Defi hosts. This coin made an over $70% price increase in the past $7 days, hitting $119. The coin is also likely to increase value, probably hitting $150 to $200 by the end year.