A bill in the House of Representatives would put a two-year moratorium on creating algorithms stablecoins. according to Bloomberg Under the latest version of the legislation, it would be illegal to create or issue “locally guaranteed stablecoins.”
With the cat out of the bag, how do the notorious stablecoins hold up? Let’s find out…
How are you, your color?
As of September 20, TERRA CLASSIC [LUNC] It opened at $0.000311 and closed at $0.000301, suffering a loss of 3.12%. During the same trading period, it saw a high of $0.000314 and a low of $0.000283. Support held well at $0.000233. In addition, volume showed little trading activity, but saw a decline to 153 billion from 239 billion at the end of trading on September 20.
Queen Market Cap Showed a volume decrease of more than 20% in the last 24 hours. The movement of OBV was largely sideways, indicating low activity from LUNC.
The Relative Strength Index (RSI) showed a move along the neutral line. The DMI is depicting the signal line above 20. However, the plus DI line remained slightly lower and the minus DI line moved near the 20 trend line. Looking at the DMI and the RSI, a bearish bullish trend was seen with the possibility of a bearish situation soon.
Luna, is that you?
Tera [LUNA] It traded as low as 2.6% on September 20 and could not go above $2.7 during the same trading period. Additionally, on September 21, the token started trading below $2.7 to $2.69, with a loss of more than 3%.
The $3.5 resistance level with LUNA has been struggling against since the level last tested on September 16th. The $2.4 support level held up well, but the high probability of testing it was reasonable.
The volume indicated a decline in activities as the volume decreased from 34 million to 17 million. for every Queen Market CapVolume is down more than 40% in the past 24 hours. The On-Balance Volume (OBV) indicator showed a lack of serious activity with the lines moving sideways without noticing any rally.
The DMI showed the signal line above the 20 line with the minus DI line crawling over the line. In addition, the excess DI line gradually moved along the same line. This was a sign of a downward movement.
The downtrend was also confirmed by the Relative Strength Index (RSI) with a movement slightly below the neutral line.
hand by hand
Both LUNA and LUNAC have seen a downward trend in price action since the announcement, although LUNA saw further declines. Indicators also pointed to a possible strong bearish trend for LUNA and LUNC.
It’s been months since stablecoin action was first proposed, and it has been delayed in the past due to concerns expressed by Treasury Secretary Janet Yellen. Yellen called for stronger regulation of the crypto industry, citing the collapse of TerraUSD as an example.
The bill may be voted on as soon as next week.