ApeCoin, Polygon and Terra – European Wrap 19 May

ApeCoin price is preparing for an upswing but the recent breakdown has caused many buyers to go to the sidelines. The breakdown from a bullish pattern, however, could be a tactic used by smart money to collect liquidity before an explosive ascent.

MATIC price  is hovering below a critical resistance level that has prevented gains. If bulls manage to conquer this barrier, the chances of an uptrend will improve drastically, allowing Polygon to trigger a quick run-up.

The collapse of Terra’s LUNA price and algorithmic stablecoin TerraUSD (UST) has sparked outrage in the crypto community. Institutions and retail investors suffered significant losses when $40 billion in LUNA and UST’s market value was destroyed within a week. Do Kwon, CEO of Terraform Labs, is in the midst of all the anger, and legal issues are starting to surround him.