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Thursday, February 2, 2023
HomeAnalysisRay Dalio’s outright negativity on crypto existence is unhealthy PR for LUNC

Ray Dalio’s outright negativity on crypto existence is unhealthy PR for LUNC


  • Terra Classic tries to carry slim features after the Fed price resolution on Wednesday.
  • LUNC sees headwinds coming from guru investor Ray Dalio of Bridgewater.
  • Negative feedback and outlook from Dalio dampen the constructive temper.

Terra Classic (LUNC) may solely e-book roughly a 1.4% achieve on the again of the Federal Reserve assembly from late Wednesday, which triggered upswings in all threat asset lessons. The largest winner of the night was EUR/USD, because it traded over 1% larger and broke 1.10 to the upside. As vibrant as the longer term was final night time, gloomy it’s beginning to get because the Bank of England and the European Central Bank are set to subject a much less constructive story. Guru investor Ray Dalio then got here out very skeptical on a query about cryptocurrencies.

Terra Classic remains to be managed by bearish pattern line

Terra Classic may have tagged together with threat belongings similar to equities buying and selling larger after Fed Chair Powell ended his press convention. Markets perceived his message and smaller price hike as a very good factor, confirming the notion of the markets that price hikes are about completed. Although Powell pushed again towards the priced-in price reduce markets predict towards the tip of 2023, he didn’t firmly undermine or query that potential price reduce. 

LUNC this Thursday sees a complete different sentiment popping up because the Bank of England is kind of bearish on Britain’s financial outlook. Cryptocurrencies are getting singled out as Ray Dalio even questioned the existence of cryptocurrencies in just a few years, which provides to bearish sentiment. Expect Terra Classic worth to obtain a rejection towards that purple descending pattern line and see worth motion again buying and selling towards $0.000160000.

LUNC/USD each day chart

If the European Central Bank comes out with an identical message because the Fed did on Wednesday, threat belongings may rally once more. Bulls can pierce by that purple descending pattern line and break the bearish drive. A full run up towards $0.000195000 is a bit too far, however the space close to $0.000185000 appears fascinating. In addition, presumably EUR/USD rallying larger would imply extra upside within the coming weeks.


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