hello everyone,
over the last few weeks we have seen a crypto by the name of LUNA collapse, why? here's why and why fantom could follow LUNA
Luna first started crashing when its algorithmic stable coin UST lost its peg to the US dollar. how did it lose its peg? here's why: there was massive withdrawals from Anchor ( a terra based decentralized protocol that offers high yields. it is believed that this was a attack on the system that made UST and Luna collapse (death spiral)
now that we got that out of the way we have to look at the similarities between LUNA and FTM:
basics:
both coins are POS (this system uses validators that have a large portion of coins staked)
both have algorithmic stable coins (different from USDT that is backed by the US dollar) FUSD and UST are backed up by different things, like LUNA and FTM
TA:
looking at LUNA and FTM you can see that they have similarities, from the start:
LUNA:
FTM:
LUNA:
FTM:
LUNA:
FTM:
LUNA:
FTM:
LUNA:
FTM:
i think that FTM is following the same path as LUNA, if this is the case the estimated top is around June 26th, 2023 at a price of $6 (thats how long it took for LUNA to go from stage 3 bottom to stage 4 top)
over the last few weeks we have seen a crypto by the name of LUNA collapse, why? here's why and why fantom could follow LUNA
Luna first started crashing when its algorithmic stable coin UST lost its peg to the US dollar. how did it lose its peg? here's why: there was massive withdrawals from Anchor ( a terra based decentralized protocol that offers high yields. it is believed that this was a attack on the system that made UST and Luna collapse (death spiral)
now that we got that out of the way we have to look at the similarities between LUNA and FTM:
basics:
both coins are POS (this system uses validators that have a large portion of coins staked)
both have algorithmic stable coins (different from USDT that is backed by the US dollar) FUSD and UST are backed up by different things, like LUNA and FTM
TA:
looking at LUNA and FTM you can see that they have similarities, from the start:
LUNA:
FTM:
LUNA:
FTM:
LUNA:
FTM:
LUNA:
FTM:
LUNA:
FTM:
i think that FTM is following the same path as LUNA, if this is the case the estimated top is around June 26th, 2023 at a price of $6 (thats how long it took for LUNA to go from stage 3 bottom to stage 4 top)