The aftermath of the LUNA 2.0 airdrop has kept both the tokens, LUNA & LUNC within consolidated regions. Additionally, both the tokens now appear to be deeply correlated as they are stuck up inside a range. Both the assets being equal-distinct from their respective break-points, it is now interesting to watch which will make it first.
It was just a week before the new tokens made their way to the LUNC & UST holder’s wallet. After the airdrop, it was thought that the price of LUNA might not be impacted by the crisis because the Terra 2.0 had completely excluded the algorithmic stablecoin, UST. However, both tokens saw a significant surge on the day of the airdrop. Interestingly, the asset plunged hard and is now consolidating the same way.
Here, in the above chart is it pretty evident that both are following a similar price movement. Both the assets experienced a more or less similar upswing at the same time and both dropped hard, reaching their respective support zones. Since then LUNA & LUNC prices are consolidating below one of the important price zones.
Therefore, with the unstable market conditions, both assets can either continue consolidating in the same price area or drop towards the lower support. However, if the LUNA 2.0 price and the LUNC price are to regain their lost levels, they must reach the trigger levels at the earliest. The trigger level is around $7.5 in the case of LUNA and $0.00011 for the LUNC price.
