- LUNA Classic price depraved up to $0.000275, amassing liquidity above all swing highs shaped after October 15.
- This transfer was a second opportunity to add to the short place for LUNC mentioned beforehand.
- Traders can count on the altcoin to slide decrease because the market hints at a correction.
LUNA Classic price has been on the mercy of sellers for fairly a while, however that modified on October 30. As patrons stepped up, LUNC exploded greater, however the beneficial properties had been undone simply as rapidly, leaving this transfer as a liquidity run earlier than the altcoin continued to slide decrease.
LUNA Classic price prepared for its second leg
LUNA Classic price has been on a downtrend because it broke out of its head-and-shoulders setup on October 10. Since then, the altcoin has shed roughly 15% to the place it presently stands – $0.000248.
Even earlier than the breakdown, a short setup was offered in a previous article and remains to be in play. LUNA Classic price shaped a backside round $0.000224, simply above the head-and-shoulders sample’s goal at $0.000200. A bounce from this makeshift backside propelled LUNC greater, however on October 15, it spiked greater to gather the buy-stop liquidity. This transfer was a second opportunity for traders to short the altcoin..
The $0.000220 is the primary goal for this downswing, however based mostly on the quantity profile indicator, there’s proof that LUNA Classic price might slide even decrease. The low-volume nodes at $0.000176 and $0.000142 are the stretch targets for this short setup.
LUNCUSDT 4-hour chart
Whereas the outlook for LUNA Classic price appears as bearish as it could possibly get, traders want to word that altcoins are going haywire in mild of the current bullish resurgence. Due to this fact, a sudden spike in shopping for stress that propels LUNC to produce a four-hour candlestick shut above $0.000279 will invalidate the bearish thesis.
This improvement might see LUNA Classic price prolong this run-up to $0.000310.
This is how Bitcoin’s strikes might have an effect on LUNA Classic price