Bitcoin price stagnates below $29,000 as Terra LUNA comes back to life

Bitcoin (BTC) analysts faced another day of frustration on May 28th The BTC/USD pair refused to offer up or down volatility.

1-day candlestick chart for the BTC/USD pair (Bitstamp). Source: TradingView

“It’s not the decoupling we wanted”

Data from Cointelegraph Markets Pro and TradingView showed that the largest cryptocurrency stayed in a tight short-term range over the weekend.

Previously expected support levels to prevent a deeper correction were held in the Wall Street session on May 27thbut not a leap higher either, as commentators were looking for new characters.

Bitcoin price stagnates below $29,000 as Terra LUNA comes back to life
Bitcoin price stagnates below $29,000 as Terra LUNA comes back to life

“Short resistance and long support until one of them breaks. Keep the areas simple as they are there to provide liquidity for trend continuation or reversals,” popular Crypto trading account Tony said in part of an last tweet.

Others focused on relative underperformance of bitcoin compared to stocks, which ended higher at the end of the week. The SP 500 gained 2.47% on May 27, while the Nasdaq Composite Index rose 3.33%.

Well, it looks like this time could be different.

Also, this isn’t the decoupling we wanted.

Unlike bitcoin, The stock markets took advantage of the sustained downward trend of the strong US dollar.

The US Dollar Index (DXY) was trading at 101.6 on the day after a high of 105which last marked a peak at the end of 2002.

Analyst Matthew Hyland noted The index decline meant it is now bucking its broader uptrend from the start of the year.

US Dollar Index (DXY) The weekly RSI is headed for 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 met with poor results.

The co-founder of Terra, Do Kwon, confirmed the launch of the new mainnet for the internal token LUNA on this day.

To see your LUNA (or LUNA2 as some exchanges call them) token balances, simply log into the station and refresh the page.

For new users coming from IBC and others, they need to create a station wallet using the same distributed record and the station needs to walk them through the remaining steps.

At the same time, concern increased by other major altcoin projects, most notably Celsius (CEL), which had managed to drop from $0.80 to around $0.50 in less than a week.

1 hour candlestick chart for the CEL/USD (FTX) pair. Source: TradingView

hex (HEX), a project that had raised suspicions throughout its existence, suffered a similar fate, fell to lows of less than $0.05 from just over $0.11 a week ago.

Nevertheless, Top ten cryptocurrencies by market cap copied Bitcoin’s low volatility behavior in the 24 hours to the writing of this article, and only Dogecoin (DOGE) saw notable moves, this time higher to claw back $0.08.

1-hour candlestick chart for the pair DOGE/USD (Binance). Source: TradingView

Clarification: The information and/or opinions expressed in this article are solely those of the author and do not necessarily reflect the views or editorial line of Cointelegraph. The information contained herein should not be construed as financial advice or investment recommendation. All investment and trading movements involve risk and it is the responsibility of each person to conduct their proper research before making any investment decision.

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