Over the weekend, the cryptocurrency market experienced a massive sell-off. Bitcoin and the broader market lost around 10%, trading at around $33,500 as of the end last week.
According to a Twitter post by Blockchain Backer, a drop below the 100-day moving average could trigger a deeper sell-off. The last three days have already eroded around $250 billion of investor wealth.
As crypto analyst Colin Wu explains:
“The circulating supply of LUNA increased by 957,201 in a single day, reaching 91.357 million, setting a new record for the circulating supply of LUNA in a single day since April 8”.
LUNA, on the other hand, has decreased by 5.36% in the past 24 hours. In the past seven days, the price of Luna has plunged by 26%.
The price of Luna has been trading below the weekly support level of $62, at $61.12. This level is significant as it suggests that the buyers are struggling and could cause the price to crash to around $46.28 or even lower. If the buyers continue to fail, they could break the support floor of $43.56.
Despite the current situation, a six-hour candle close above $75.53 could invalidate the negative head-and-shoulders thesis regarding the price of Luna. If the price closes above this level, LUNA could set the next resistance level at $87.84.
STEPN is Correcting After a Steady Growth
The GST on STEPN has exceeded the GST on Solana. Hence, it has pushed up the NFT floor prices on the platform to around $13,000. The main reason is that STEPN did not create a cross-chain bridge between Solana and BSC.
Since its public beta launch last year, STEPN has become a vibrant community with over 2.3 million monthly active users and over 500,000 daily active users. On March 30, the platform’s governance reached unprecedented levels, with transactions surpassing those of Ethereum and Bitcoin.
GMT is trading at $2.61, 2.49% lower than yesterday. The dropping price can be attributed to investors taking profits after its price rose by over 30,000%. The decline in the stock market has also mirrored the decrease in the price of other assets.
After experiencing several parabolic rallies, the price of STEPN has significantly corrected. According to DonAlt, the project could see more volatility in the coming week. This move could be a buying opportunity for investors.
BAYC Falls as NFTs Transaction Volume Goes Down
As reported by NFTgo, Yuga Labs series NFTs transaction volume has declined significantly over the past 24 hours. In addition, the trading volumes of MAYC and BAYC dropped by 44%, 41%, and 30%, respectively. Moreover, the BAYC floor price fell below 100 ETH.
In addition to collections from Yuga Labs, all traded on Ethereum, sales volume across eight of the ten most active blockchains for NFTs has suffered double-digit losses over the past seven days.
In addition to Yuga Labs’ collections traded on Ethereum, sales volume on other blockchains has also been affected by recent market volatility. According to data collected by CryptoSlam, the average sales volume of various blockchains such as Solana, Flow, Ronin, BSC, Panini, Avalanche, and WAX has decreased by over 20%.
Over the past week, the number of active market wallets that made an NFT trade dropped. Since May 1, the total number of buyers has also decreased. According to the NonFungible market analysis tool, the number of active market wallets has decreased by over 60%. The total number of unique buyers has also dropped by almost 80%.
Despite the slow start to the New Financial Technology (NFT) trading in 2022, experts expect the industry to grow by 4.5 times by 2027.