LUNC Pattern Shows Confusing Signals
The Terra Classic (LUNC) chart is showing mixed signals that are confusing many traders. On the 1 day LUNC USD chart we can see a spinning top candle. Normally this pattern means the market is uncertain and could soon change direction.
In theory when a spinning top appears at the end of an uptrend it often signals a possible reversal meaning the price might start to fall. But this time things are different. Even after the spinning top appeared LUNC price kept moving downward instead of reversing upward.
At the same time the overall crypto market has been very volatile. In the last 24 hours more than 322.46 million dollars was liquidated with 145.48 million from long positions and 176.98 million from short positions. Usually when more short positions are liquidated it can be a sign that the market might soon move upward.
However the market remains unpredictable. Traders and holders should stay calm and avoid making decisions based on fear or FOMO. Always take time to understand the market before acting.
This article is not financial advice.
