Cardano: Charles Hoskinson Targets Terra (LUNA)
Investing.com
Published May 11, 2022 22:16
Investing.com – For Cardano founder Charles Hoskinson, the recent TerraUSD and LUNA crash is a godsend. At last, he was able to return the favour for an earlier tweet by the developer of the two cryptocurrencies, Do Kwon.
Just over a month ago, Do Kwon asked if he should buy some ADA to take advantage of the negative correlation, an indication that Cardano's share price was falling while LUNA was rising in value.
Now that LUNA has lost 95 percent of its value within a week and there is no longer any question of a dollar peg of the TerraUSD stablecoin, Hoskinson reacted promptly. Now, it was his turn to ask whether it was worth buying some LUNA because of the negative correlation.
Cardano technical price markers
Cardano is down -7.00 percent at the current ADA/USD rate of $0.6300.
Already, the day before yesterday, the cryptocurrency reached the 123.6 percent Fibo expansion of the downward movement from 1.2434 dollars at 0.6177 dollars. This level now offers immediate support and if it can be defended, a recovery towards the 30 April low of $0.7372 can be initiated.
Failure to do so, on the other hand, will inevitably lead to further losses towards the 138.2 percent Fibo expansion of $0.5438.
By Marco Oehrl
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Written By: Investing.com
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