LUNC faces declining volume, sloppy price action: What’s next?

Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.

• Luna Basic continued to register a sequence of all-time lows.
• Declining Spot CVD highlighted weakening demand. 

Luna Basic’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 Basic dipped under the $0.00008115 assist degree as of press time.

Sensible 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 Basic halt the pattern of ATLs?

Supply: LUNC/USDT on Buying and selling View

Luna Basic has been making a sequence 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 have 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 degree at $0.00008115, has propped up LUNC within the quick time period. Nonetheless, a continuation of the promoting stress might additionally see these ranges collapse.

The On Steadiness 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 below the impartial 50 and edged nearer to the oversold zone.

A bullish reversal for Luna Basic 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 Basic’s [LUNC] Value Prediction 2023-24

A have 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, because of the 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.