The price of Luna Classic (LUC) failed to sustain its rally and is once again trading below its bearish resistance line. Smooth Love Potion (SLP), meanwhile, has hit three-month lows and shows no signs of turning back. Finally, the price of Steem (STEEM) was rejected by a long-term descending resistance line as well as a horizontal resistance zone.
LUNC resumes its downtrend after a missed rally
The LUNC crypto price has fallen below a bearish resistance line since October 2nd (red arrow).
On October 30, the Luna Classic price tried to break above this line, which initially appeared to succeed. However, it was unable to sustain its upward move and the asset fell back below that line two days later.
If the downward move continues, the next support area would be at $0.000013; it is obtained thanks to the external Fibonacci retracement 1.27 of the last rise.
Due to its extremely high supply of 6.9 billion tokens, it seems unlikely that Luna Classic’s price will ever reach a new all-time high (ATH).
Crypto Smooth Love Potion (SLP) drops to new all-time low
The price of crypto SLP has fallen since peaking at $0.0057 reached on August 12. The decline led to a break below a rising support line on August 19, before price action proved it as resistance four days later.
SLP then resumed its downward move, falling to a new all-time low of $0.0030 on October 13. Within 24 hours, the price was in danger of breaking below the $0.0031 support area, which would see it fall back to a new all-time low. Conversely, a rise above the August 12 highs would negate the bearish forecast.
Another thing that might suggest that Smooth Love Potion will never be maxed out again is its increasing supply. Although her report burn/hit stabilized over the past month, the massive imbalance between the two between September 2021 and May 2022 saw supply rise to ALL 42.70 billion.
Thus, a price return to the record level of $0.32 would equate to a market capitalization of $13.6 billion, which would place it 10th among cryptos in the sector in terms of capitalization.
Crypto STEEM fails to break the high resistance
The STEEM crypto price has fallen below a bearish resistance line since April 2021. In doing so, it also fell below the $0.25 horizontal zone, which now acts as resistance. Due to the confluence of these two resistances, it is unlikely that the STEEM price will cross this zone.
Thus, a decline towards the horizontal support area of $0.14 seems the most plausible scenario.
Demand for STEEM appears to be waning as the current bull run has proven to be significantly lower than 2018.
A 545% increase would be needed to achieve the same increase, while a 4,300% increase would be needed to rise to the all-time high of $10.17. As a result, it seems unlikely that the STEEM price will manage to recover.
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