An analysis of traders’ behavior reveals they are bullish on $LUNC
. Data from the Coinglass #liquidationmap shows traders have opened more longs than shorts on the daily and monthly timeframes. However, in the weekly timeframe, there are more sellers than buyers.
This may be due to the overhead resistance at $0.000095, which has suppressed the price for the last four months. Nevertheless, with Bitcoin hitting a new all-time high, things could be different this time, and #LUNC✅ could breach this resistance.
Additionally, LUNC’s open interest (OI) dropped by 2.3% while the price increased by 8.6% in the last 24 hours, signaling that traders are closing their short positions in profit. When they do this, traders tend to open long positions. Hence, Terra Luna Classic price could witness increased volume in the coming days, which could fuel its rally beyond $0.000095 resistance and move toward $0.00028.