According to the Directional Movement Index (DMI), the path with the slightest resistance is downward and this situation is unlikely to change in the near term. Meanwhile, Terra’s price exchanged hands slightly below $9 at the time of writing, while buyers fought tooth and nail to retain higher support. As usual, when BTC price falls, the crypto market generally bleeds. On the other hand, Bitcoin suffered a massive hit as the Luna Foundation Guard (LFG) sold the stablecoin’s Bitcoin reserves. Panic selling gripped investors as Terra’s price tumbled into a bottomless pit. The network was forced to make rushed decisions in a bid to protect its stablecoin UST, which de-pegged from the dollar.
LUNA just went through the biggest selloff in its history losing over 90% of its value in less than two days. The three tokens suffered double-digit losses, led by LUNA’s 65%, IOTA’s 10.9%, and ANC’s 52% declines. Meanwhile, Terra’s LUNA, IOTA’s MIOTA, and Anchor Protocol’s ANC were on top of the trending list on May 11, according to price data from CoinMarketCap. Anchor Protocol’s sellers are outperforming themselves declines are set to carry on to $0.15.Ĭryptocurrencies across the board have been working around the clock to restore normalcy following a UST-triggered selloff.IOTA loses 48% of its value in 30 days but a potential TD Sequential buy signal might trigger a rebound.
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