von • Luna Classic’s long term bearish bias has seen LUNC struggle to find a stable support level.
• Bears extended dominance in the market, as bullish rebound was subdued.
• Shorts extended their leverage in futures market.
Long-Term Bearish Bias
Luna Classic’s long term bearish bias has seen LUNC struggle to find a stable support level. The lack of optimism around Luna Classic [LUNC] saw its bullish rally on 4 June quickly curtailed to prolong its bearish structure. With price slowly moving toward the $0.00008115 support level, bears will be looking to extend their shorting gains with a session close under the support level. This could lead to further losses in the long term, as LUNC struggles to find a price bottom.
Bears Extend Dominance
The market’s healthy gains, led by Bitcoin [BTC] advancement to $27k, did not result in any upside for LUNC at press time. Instead, sellers look to be primed for another downward move. Bears swept away multiple support levels with Luna Classic sinking to an all-time low of $0.00007583. A combination of low trading volume and profit-taking at every rally opportunity has kept LUNC firmly in the red. The announcement of a proposed network upgrade prompted a 35% pump on 4 June but was rejected at the $0.0001152 resistance level, confirming bears’ dominance as demonstrated by indicators such as Relative Strength Indicator (RSI), On-Balance Volume (OBV), and Moving Average Convergence Divergence (MACD).
Shorts Continue To Hold Advantage
Shorts continue to hold sway with a 55.29% advantage over buyers according exchange data from Coinglass which revealed that shorts held the majority share of leveraged trades in the futures market for Luna Classic [LUNC]. This suggests that investors remain unconvinced about any potential upside in both spot markets and derivatives markets for this altcoin spinoff from LUNA Network Protocol tokenization platform LUNAXSYS1 Protocol Smart Contract System [LUNA].
Realistic Market Cap
Realistic or not, here’s LUNC’s market cap in BTC terms which stands at around 0 BTC despite seeing some upsides along with Bitcoin’s recent rallies towards $27k mark earlier this month which also resulted into some bullish sentiment among traders who were expecting some positive movement from this altcoin spinoff from LUNA Network protocol tokenization platform LUNAXSYS1 protocol smart contract system [LUNA]. Despite that however any hopes of bullish reversal were soon dashed by sellers who managed to keep prices firmly under control and continue their dominant stance over buyers resulting into further losses for LUNC since then thus putting it firmly back into bearish territory once again confirmed by various technical indicators such as RSI , OBV & MACD .
Conclusion
In conclusion, Luna Classic’s long term bearish bias is still intact due to sellers holding majority control over buyers and extending their leverage through futures markets while bulls seem unable able revert this trend anytime soon due largely due lack of optimistic sentiments among traders regarding potential upside for this altcoin spinoff from LUNA Network protocol tokenization platform LUNAXSYS1 protocol smart contract system [LUNA].
