Polygon, Terra & Bitcoin — Asian Wrap 07 December

Polygon is one of the foremost blockchains in the smart contract and Decentralized Finance (DeFi) space. It is also a leader on the Non-Fungible Token (NFT) front, which is what the Warner Music Group will be leveraging to develop the first-of-its-kind music platform.

Terra’s Luna Classic broke out from a range-bound consolidation beginning in December. Investors quickly triggered their sell orders during the uptrend mover and have since forged a steep declining trend. A breach of the $0.00016000 level could trigger a 16% sweep-the-lows event. 

Bitcoin price is losing momentum as a countertrend rally stalls near the $17,000 barrier. During November, the bears produced a 16% market decline, establishing a new yearly low at $15,546. Now the 9% uptrend move shows signals that warrant concern.