April 2, 2023

A proposed House legislation would suspend the creation of algorithms for two years stablecoin. according to Bloomberg Under the latest version of the legislation, it would be illegal to create or issue new “endogenously collateralized stablecoins.”

The cat came out of the bag, how are two notorious stablecoins propped up? Let’s find out…

LUNC, how are you feeling?

As of September 20, earth classic [LUNC] It opened at $0.000311 and closed at $0.000301, a loss of 3.12%. During the same trading period, it experienced a high of $0.000314 and a low of $0.000283. Support has been held at $0.000233. In addition, trading volumes showed little trade activity, but fell to 153 billion from 239 billion at the close of trading on September 20.

Source: TradingView

Token Market Cap In the past 24 hours, volume has dropped by more than 20%. The on-balance volume (OBV) movement is mostly sideways, indicating low LUNC activity.

The Relative Strength Index (RSI) shows a move along the neutral line. The Directional Movement Index (DMI) depicts a signal line above 20. However, the positive DI line is slightly below the DI and the negative DI line is close to the 20 trend line. From the DMI and RSI indicators, the bullish trend is fading and a bearish trend will soon appear.

Luna, is that you?

the earth [LUNA] As of September 20, it was trading as low as $2.6 and could not go above $2.7 during the same trading period. Additionally, on September 21, the coin started below $2.7 at $2.69, a drop of more than 3%.

LUNA has struggled against resistance at $3.5 since it last tested the level on Sept. 16. The $2.4 support level holds well but is likely to be tested.

Source: TradingView

The numbers indicate lower activity, as the numbers dropped from 34 million to 17 million.Every Token Market Cap, volume has dropped by more than 40% in the past 24 hours. The On-Balance Volume (OBV) indicator shows a lack of serious activity, with lines moving sideways without noticing spikes.

The Directional Movement Index (DMI) shows that the signal line is above the 20 line, and the negative DI line is climbing over this line. Also, the positive DI line gradually moves along the same line. This indicates a bearish move.

The relative strength index (RSI) also confirmed bearish sentiment, just below the neutral line.

hand in hand

Since the announcement, the price action of LUNA and LUNAC has been trending down, but LUNA has fallen even more. Indicators also show that LUNA and LUNC may be in a strong bearish trend.

Several months have passed since the stablecoin measure was first proposed, which had previously been delayed due to concerns expressed by Treasury Secretary Janet Yellen. Yellen cited the collapse of TerraUSD as an example of calling for greater regulation of the crypto industry.

A vote on the bill could be as early as next week.

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