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- The bearish market structure saw LUNC’s price sink lower.
- Longs suffered full losses in the futures market.
Luna Classic’s [LUNC] bearish market structure mitigated the gains from the pump over the past 48 hours, with price dipping under the 23% Fib level.
Realistic or not, here’s LUNC’s market cap in BTC’s terms
The recent bullishness in the market along with LUNC’s 8% gains handed bulls a lifeline. However, that lifeline was quickly extinguished due to the sustained selling pressure. Can sellers extend their gains?
Weight of selling pressure crushes bullish rebound
Source: LUNC/USDT on Trading View
The Relative Strength Index (RSI) illustrated the intense selling pressure on Luna Classic. While the bullish rebound took the RSI to the neutral 50 mark, it quickly declined over the past 24 hours. As of press time, it had a reading of 38 highlighting the lack of buying power.
Likewise, the On Balance Volume (OBV) continued to dwindle to signal a preference for further selling pressure in the short term. However, the Chaikin Money Flow (CMF) remained positive, hinting that bulls still had an outside chance of reversing the recent losses.
The break below the 23% Fib gives sellers the opportunity to target the $0.00005 price zone again, with very minimal bullish pushback envisaged.
Bulls on the other hand can look to stem the selling pressure between $0.000055 to $0.00006. However, this would be dependent on an increase in the trading volume over the coming days.
Longs bore the full impact of liquidations
Source: Coinglass
Read Luna Classic’s [LUNC] Price Prediction 2023-24
A recent price report highlighted the dominance of sellers in the futures market, with shorts holding over 60% of open positions. This was reflected in the liquidations over the past 24 days.
According to Coinglass, longs suffered 100% liquidations over the period under consideration. This put sellers firmly in the driving seat, with the $0.00005 target looking more likely in the short term.