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Why is nobody talking about the VPOC at $0.59 when discussing Terra's LUNA price?

  • Terra's LUNA price has seen mundane price action since the relaunch occurred on May 31.
  • A Value Point of Control points to $0.59 as a potential bearish target.
  • Invalidation of the bearish continuation pattern is a breach and close above $2.70.

Terra’s LUNA price has a fixed range indicator hinting at a $0.59 target which could be the reason why bears have not yet released their shorts.

Terra's LUNA price signals concern

Terra's LUNA price is floating on hope and hope alone. Writing a bearish thesis for a community of devout investors, developers, and fans is never enjoyable. Especially when the community has already endured such a devastating and emotional loss. Terra Luna saw the largest crypto sell-off in 2022 as the LUNA price fell from an all-time high of $119.50 to $0.0001 in less than a week. Gains were wiped across the board, millions of investors lost a lifetime's worth of savings, and some unfortunate few even lost their lives in conjunction. 

Terra LUNA price currently trades at $2.05 but still does not present enough bullish information to call a bottom. The Fixed Range Profile indicator commonly used on intra-hour charts shows that the largest transactions filled were in the $0.59 zone. The indicator refers to the most significant order zone as the Value Point of Control. Traders generally use the VPOC as a target price to aim for in bullish and bearish scenarios.  

tm.luna/6/20/22

LUNA/USDT 8-Hour Chart

Investors have been wondering why Terra LUNA's price has not been able to produce a retaliation into previous resistance zones. The VPOC may be the subtle answer, as institutional traders may keep their shorts in place until a classical retest of the price level occurs. 

For traders, the invalidation of the bearish outlook could be a breach above $2.70. If $2.70 is breached, bulls could potentially rally to $3.27, resulting in a 50% increase from the current Terra LUNA price.

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

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