Decentral Block Post

The price of Terra (LUNA2) has recovered sharply nine days after falling to its historic lows of $1.62. 

On June 27, LUNA2's rate reached $2.77 per token, thus chalking up a 70% recovery when measured from the said low. Still, the token traded 77.35% lower than its record high of $12.24, set on May 30.

LUNA2's recovery mirrored similar retracement moves elsewhere in the crypto industry with top crypto assets Bitcoin (BTC) and Ether (ETH) rising by approximately 25% and 45% in the same period.

The recent bout of buying in the LUNA2 market could trap bulls, given it has come as a part of a broader correction trend.

In detail, LUNA2 appears to be forming a "bear flag" pattern, a bearish continuation setup that appears as the price consolidates upward inside a parallel ascending channel after undergoing a large move downside.

Bitcoin (BTC) sold off into the June 27 Wall Street open as United States equities fell.

$25,000 eyed as bulls' line in the sand

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD following stock markets downhill as the last week of June began.

At the time of writing, the pair traded below $21,000, having hit its lowest in three days after a broadly stable weekend.

Amid a general lack of bullish conviction among traders, expectations for a further drop stayed present, with Bitcoin still below the crucial 200-week moving average (WMA) at $22,430.

"Bitcoin says NO against $21K support. That's all fine. We have got levels structured," Cointelegraph contributor Michaël van de Poppe wrote in a Twitter debate on the day.

Amid the Chinese government continuing to celebrate the massive decline of cryptocurrency markets this year, one key local blockchain expert has referred to crypto as a “Ponzi scheme.”

Yifan He, CEO of Red Date Technology, a major tech firm involved in the development of China’s major blockchain project, the Blockchain Service Network (BSN), has penned a new article devoted to various kinds of cryptocurrencies and their supposed Ponzi-like nature.

Published in the local newspaper The People’s Daily on June 26, the piece refers to private cryptocurrencies as the “biggest Ponzi scheme in human history.”

The author mentioned the Terra network’s collapse, with the native token LUNA crashing 99% and the algorithmic UST stablecoin losing its 1:1 peg value to the U.S. dollar in May 2022. He also criticized the increasingly popular virtual currency concept known as X-to-earn, referring to move-to-earn or play-to-earn projects, calling the model a “phishing strategy.”

The BSN chair also mentioned some well-known criticism of Bitcoin (BTC) by Microsoft founder Bill Gates and legendary investor Warren Buffett.

Dogecoin (DOGE) looks ready to extend its rebound move despite the current crypto bear market.

79% chances DOGE will extend its rebound move

DOGE's price appears to have been painting a "bump-and-run-reversal (BARR) bottom" since May 11, a technical pattern that points to extended trend reversals in a bear market. It consists of three successful phases: Lead-In, Bump, and Run.

The "Lead-In phase" sees the price consolidating inside a narrow, sideways range, showing an interim bias conflict among investors.

That follows the "Bump phase," wherein the price drops and recovers sharply, leading to a price breakout, defined by the "Run phase."

Dogecoin appears to be in the Bump Phase while eyeing a breakout above the BARR bottom's falling trendline resistance. Suppose DOGE breaks above the said price ceiling. Then, as a rule of technical analysis, it would eye a run-up toward the BARR's origin level.

Dogecoin (DOGE) looks ready to extend its rebound move despite the current crypto bear market.

79% chances DOGE will extend its rebound move

DOGE’s price appears to have been painting a bump-and-run-reversal (BARR) bottom since May 11, a technical pattern that points to extended trend reversals in a bear market. It consists of three successful phases: Lead-In, Bump and Run.

The Lead-In phase sees the price consolidating inside a narrow and sideways range, showing an interim bias conflict among investors.

That follows the Bump phase, wherein the price drops and recovers sharply, leading to a price breakout, defined by the Run phase.

Dogecoin appears to be in the Bump Phase while eyeing a breakout above the BARR bottom’s falling trendline resistance. Suppose DOGE breaks above the said price ceiling. Then, as a rule of technical analysis, it would eye a run-up toward the BARR’s origin level.

XCarnival, a liquidity provider for the Ethereum ecosystem, recovered 1,467 Ether (ETH) just a day after suffering an exploit that drained 3,087 ETH, worth roughly $3.8 million, from the protocol.

Blockchain investigator Peckshield noticed the XCarnival hack as it came across a stream of transactions that eventually bled 3,087 ETH from the protocol. Explaining the nature of the exploit, Peckshield stated:

“The hack is made possible by allowing a withdrawn pledged NFT to be still used as the collateral, which is then exploited by the hacker to drain assets from the pool.”

Soon after the revelation, XCarnival proactively informed the users about the hack while temporarily suspending a part of its services to counter the annoying attack. The protocol also offered the hacker 1,500 ETH as a bounty in addition to offering exemption from legal proceedings.

Eventually, XCarnival suspended the smart contracts and deposit and borrowing features until it could identify and rectify the internal bug that made the hack possible. According to Packshield, the hacker used a previously withdrawn pledged NFT from the Bored Ape Yacht Club (BAYC) collection as collateral to drain the assets.

Bitcoin (BTC) starts a new week above $20,000 but heading for a new bearish record as a key support level remains out of reach.

After a calm weekend punctuated by a brief spike to near $22,000, BTC/USD is back near the Friday closing price of CME futures markets.

A “round trip” thus allows traders to pick up where they left off at the end of last week’s final Wall Street trading session, but what could lie in store in the coming days?

A familiar cocktail of macro threats and ongoing bearish tendencies make the current climate far from ideal for the average hodler. Despite seeing some relief last week, crypto markets continue to bear the brunt of cold feet, which have defined macro sentiment increasingly throughout 2022.

With the June monthly close fast approaching, meanwhile, Bitcoin faces a few days of reckoning amid what could be its worst monthly performance since 2018.