TERRA CLASSIC - Has LUNC Run Out of Steam? Major Altcoin Decision! This Opening Up?!

[00:00:00]So, obviously things have cooled down significantly in the crypto market, but they've also cooled down when it comes to Terra Classic and LUNC. Have they lost their gusto? Have they lost their excitement? Well, we'll have a discussion about that in this video. Um but I also want to talk about a major altcoin decision that is going to be coming in very short order. We'll take a good look at this, but we also need to talk about something else that may in fact be starting to open up just a little bit. So, if you guys are new or haven't already, make sure you like, comment, subscribe, show your support for the channel down below. Now, yesterday was again [clears throat] not another great day for crypto, not another good day for LUNC. We actually closed down 6.12%.

[00:00:42]We're still kind of floating between that 50 and our 382 on our on our Fibonacci retracement. Uh but we are seeing just a little bit of green today.

[00:00:50]Most [clears throat] of the market is in fact green. BTC so far up a half a percent today. Right now, it's about 8:30 a.m. Central Standard Time. We're just starting to see stocks open.

[00:01:00]And you may not be able to see it on my screen here. I think it's covered up by my by my camera. There we go. But you can see stocks have started to flip green here in the early hours of the day. Now, there is a lot of day ahead of us, but green in the stock market would be usually is very good for the crypto market as well. And we started to see us kind of calm down as we've gotten into the middle part of the week. BTC obviously starting to correct and move the opposite direction after five straight days of red. And you guys can see that every single one of these red days was smaller than the last. So, again, the even the negativity was just slowly but surely starting to wear off.

[00:01:37]Institutional [clears throat] dumping has been slowing in these in these past few days. So, that's all starting to look really good. Now, we are also getting some news that in the last 24 hours, 26 ships have crossed the Strait of Hormuz. This is per Iran's IRGC.

[00:01:54]I I this is one of the largest amounts of ships crossing the strait in recent time. Remember there were days where no ships were getting through the strait, but it's still obviously very small in comparison to the average that we were seeing. I think the numbers were between 80 to 130 per day crossing. So, are we starting to return back to a state of normalcy or is this just kind of a one-off day?

[00:02:17]Only time will tell. Obviously, the US and Iran are still going back and forth on what the next step is going to be, whether that's escalation or extreme de-escalation. Only time will tell there.

[00:02:29]Uh but let's talk about uh LUNC a little bit more in depth for just a moment because obviously, volume has cooled significantly. We're down to about, you know, $30 in trading volume per day uh after we were seeing much, much more than that. At the For example, at the peak of this this rally that we were on, $250 per day. So, we were seeing about an 80% drop, a 85-90% [clears throat] drop in terms of volume. Does that mean that we're going back to a place of irrelevance? Does that mean things are going to get really quiet again? Not necessarily uh cuz these volume levels are still elevated from even just a month ago where we were seeing $8 in trading volume. Sometimes you get just the right narrative at just the right time, right when things are starting to get a little bit more exciting in the crypto market, right when things are getting just a little bit more elevated.

[00:03:23]I want to remind everybody that we do have something happening in just uh what's that, 11 days now that can re-ignart re-ignart re-ignite this spark that we were talking about, and that is the next Binance burn. This is expected again to be a a more sizable one. Again, this has been a lot of volume during this period of time, and volume has been uh sustaining for quite some time. So, this would this would be a larger burn.

[00:03:49]Um maybe not probably not going to be the largest burn we've ever seen, but is it going to be larger than the prior burn? Most likely, yes. Now, obviously [clears throat] there's no guarantees, nobody knows how the market is going to react to this. We've obviously talked about some things that are continuing to look good. The the stabilization of staking, right? Looks like holders are staying very convicted. That's the exact thing that you you want to see headed into this next burn to see if we can in fact create this this great floor, which it looks like we're trying to do and turn that into an extension, a breakout, right? Obviously we've talked about the bull flag that we're building here.

[00:04:26]You could still potentially see us go lower, possibly even test our 50-day moving average, coincidentally enough, before making [clears throat] this next move, especially if the market continues to be, you know, crappy. But we do have a major altcoin decision coming in general. So this is the total three minus USDT, and we had talked about the breakout that we're seeing on the nice rally from basically the start of May into now the middle of May. And we are sitting almost [clears throat] right at the point of this trend, almost right at the tip of it. You guys can see basically a decision is expected to be made by May 23rd. That's just a few days away, right? That is not much time for altcoins to decide, "Hey, are we going to continue this bullish extension to the upside and hold this long I can't draw hold this longer-term bottom support here?

[00:05:14]Or are we going to retrace, come back down, potentially test some of these levels down here around what's that about 495 billion dollars? We're currently at about 548 billion dollars, so that'd be about a 10% retracement.

[00:05:27]And again, only time will tell when it comes to this, but this is also taking place in terms of the total three minus USDT minus USDC, so excluding the top major stablecoins in the space. You can see we're still hanging around the top of trend there. This has a little bit longer of a time to make a decision here. This lasts until basically a week and a half into June, but [clears throat] decisions are coming for all coins. That is the exact moment that if things get lively, it could coincide with an LUNC push, could coincide with a large burn, could coincide with prices that we haven't seen in a very long period of time. So, that's my thoughts on this. Obviously, we still need the market to be excited. We can't have any negative events. We can't have things be blah. Obviously, volume has been very low throughout the crypto space as of as of the last several days here, but we'll see you see you where we head. See what's ahead of us. Appreciate you guys.

[00:06:22]Hope you enjoyed the video. Let me know your thoughts below, but have a great day. Catch you guys in the next one.

[00:06:27]Take care.