Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion.
- Luna Traditional continued to register a collection of all-time lows.
- Declining Spot CVD highlighted weakening demand.
Luna Traditional’s [LUNC] weakening assist ranges have seen costs proceed to sink to all-time lows (ATLs). With bulls unable to stem the bearish slide, Luna Traditional dipped under the $0.00008115 assist stage as of press time.
Practical or not, right here’s LUNC’s market cap in BTC’s phrases
With LUNC’s worth motion going opposite to the bullish sentiment available in the market, the promoting stress might persist for the foreseeable future.
Can Luna Traditional halt the development of ATLs?
Supply: LUNC/USDT on Buying and selling View
Luna Traditional has been making a collection of all-time lows (ATLs) all through June. After worth rallied briefly on 4 June, the rejection on the $0.0001152 resistance led to LUNC hitting its early-Could low once more.
A take a look at the Seen Vary Quantity Profile (VRVP) highlighted $0.0001234 (Worth Space Excessive), $0.0000900 (Level of Management), and $0.00008020 (Worth Space Low) as key worth motion ranges.
With worth dipping under the POC on 28 June, the VAL, together with the assist stage at $0.00008115, has propped up LUNC within the brief time period. Nevertheless, a continuation of the promoting stress might additionally see these ranges collapse.
The On Stability Quantity (OBV) highlighted the lack of buying and selling quantity, with a pointy decline since early June. The Relative Power Indicator (RSI) additionally remained firmly underneath the impartial 50 and edged nearer to the oversold zone.
A bullish reversal for Luna Traditional will hinge on an uptick in its buying and selling quantity. Else, the bearish momentum might final for the mid to long run.
Steep decline of Spot CVD confirmed weakening demand
Supply: Coinalyze
Learn Luna Traditional’s [LUNC] Value Prediction 2023-24
A take a look at the Open Curiosity (OI) from Coinalyze on the 12-hour timeframe confirmed a substantial decline on 5 June and 14 June. It confirmed the hesitation by market speculators to open new positions, as a result of ever-increasing promoting stress.
Equally, the Spot CVD, which tracks buying and selling volumes over time, maintained a steep decline. This hinted that the promoting quantity far outweighed the shopping for one, highlighting the dearth of demand for LUNC within the futures market.
