Bitcoin (BTC) analysts faced another day of frustration on May 28 as BTC/USD refused to offer either upside or downside volatility.
“Not the decoupling we wanted”
Data from Cointelegraph Markets Pro and TradingView showed that the biggest cryptocurrency remained in a tight short-term range through the weekend.
Support levels previously predicted to head off a deeper correction managed to hold during the May 27 trading session on Wall Street, but an upside bounce was also absent as commentators searched for further clues.
“Short resistance and long support until one breaks. Keep it simple in the ranges as they are there to create liquidity for trend continuation or reversals,” the popular trading account summarized Crypto Tony in part of a recent tweet.
Others focused on Bitcoin’s relative underperformance against stocks, which ended at the end of the week. The S&P 500 gained 2.47% on May 27, while the Nasdaq Composite Index rose 3.33%.
Well, it looks like this time might be different.
— Jan Wüstenfeld (@JanWues) May 27, 2022
Unlike Bitcoin, stock markets were enjoying a continued downtrend from the strength of the US dollar.
The U.S. dollar index (DXY) circled 101.6 on the day, down from highs of 105, which marked a peak last seen in late 2002.
Analyst Matthew Hyland noted that the reversal in the index meant it was now challenging its overall bullish trend since the start of the year.
The weekly RSI of the US Dollar (DXY) is heading for a crucial test of the trendline that began at the start of the year: pic.twitter.com/529BsZxshD
— Matthew Hyland (@MatthewHyland_) May 28, 2022
Do Kwon Confirms LUNA Revival
On altcoins, the revival of the controversial Blockchain Terra protocol was met with sluggish performance.
Related: ‘Terra 2.0 Recovery Plan’ Trades Via Airdrops, Listing, Redemption, and Burning
Terra co-founder Do Kwon confirmed the launch of the new mainnet for the LUNA internal token that day.
To display your $LUNA (or $LUNA2 as some exchanges call them) token balances, just log into the station and refresh the page
For new users coming to IBC and all, create a station wallet with the same ledger and the station should walk you through the remaining steps https://t.co/1ZKmCGKLvp
—Do Kwon (@stablekwon) May 28, 2022
At a time, concern was mounting on other major altcoin projects, including Celsius (CEL), which had managed to rise from $0.80 to around $0.50 in less than a week.
Hex (HEX), a project that had aroused suspicion throughout its existence, suffered a similar fate, falling from just over $0.11 a week ago to lows below $0.05 .
The top ten cryptocurrencies by market capitalization nonetheless copied Bitcoin’s low volatility behavior in the 24 hours to writing, with only Dogecoin (DOGE) seeing notable moves, this time up to reclaim $0.08.
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