Cryptocurrencies have started this month with many ups and downs, which generate a lot of doubts among investors, as we find ourselves in an economic panorama that looks quite complicated. What will happen to cryptocurrencies in the coming weeks?

The cryptocurrency market closed the month of May with a quite interesting fall, in which Bitcoin, the most important cryptocurrency in the crypto ecosystem and which can be used as a reference to know the current market situation, concluded the fifth month of the year below $30,000. However, it seems that the prices of a large part of the crypto assets have managed to enter a consolidation stage by generating quite strong support. Is a recovery coming? That is the big question that many people have; however, far from a recovery driven by a new bull market, it seems that we will enter a stage of stagnation, due to the various developments that will emerge within the next few months regarding the political currency of the countries, the performance of the global economy, adoption and regulations of the crypto market, among others.

Diverse opinions have been generated by renowned analysts, with forecasts that place the price of Bitcoin close to $22,000 (@CryptoTony_ on Twitter), or even some devastating scenarios that position the asset at a value close to $3,000 (Harry Dent, economist). It’s been a few days since the launch of Terra 2.0, the successor to the ecosystem network that collapsed a couple of weeks ago, and the issuance of its new token has been one of the most controversial topics in recent days. First, the airdrop model that was carried out to compensate users who previously had LUNA (which is now called LUNC), has generated a lot of discontent, and that is that a large number of users have complained about how poor said compensation was, since that those who acquired LUNA prior to the attack (before May 7), received 1 token for each LUNA they owned. However, the value of the coin fell sharply over the past few days, trading close to $5. It should be noted that prior to the attack, LUNA was making a decline after reaching its all-time high, and was trading close to $80.

In contrast to users who bought LUNA after the crash (after May 7), the amount they received was around 0.0008 LUNA per token, which resulted in huge losses for all those who bought LUNA during the crash. Bitcoin has started the week quite strongly, rising around 6% to trade around $31,700, after confirming the strength of the support generated at the $28,700 zone. However, we can find the formation of a very interesting range, in which the price of BTC is quite close to the resistance zone, so it will be interesting to see if the price will continue to stagnate in that zone or will finally achieve get out of there to look for the $34,000. BTC/USDT 1D (TradingView Chart). For its part, Etherem also started quite well this week, trading above $1,900. The range in this asset seems to be a little wider, and it would be generating a resistance near $2,032. In case of breaking this zone, we might see the asset going up to $2,340. ETH/USDT 1D (TradingView Chart). Quite interesting weeks are coming, especially due to the range that the price of Bitcoin has generated, so it will be important to analyze or observe its behavior, in order to have a clearer perspective of how the market will behave in the short term. Without further ado, we wish you an amazing week.