LUNC witnessed the liquidation of over $300,000 in open long positions. However, the token's strength in maintaining its current momentum is something to watch out for.
The increase in LUNC’s value resulted from a recent decision by Binance and a surge in the token’s trading volume.on 1 June, the world’s largest exchange revised leverage positions on its platform. This led to the closure of all open positions on theLUNC Open Interest
has maintained its increase. The OI is the total number of outstanding futures or options contracts that are yet to be settled. If the OI increases, it means that more liquidity is flowing into a contract. But when it decreases, it is a sign that traders are closing their positions. Thus, LUNC’s position aligns with the former.The trend has the potential to act as a strength for LUNC’s press time direction. But the token could be faced with some drawbacks, per the daily chart.At the time of writing, the Bollinger Bands showed that LUNC’s volatility had subsided. So, sudden price spikes or declines might not occur soon.
However, the price touched the upper band at $0.000098. When this happens, it suggests that the token might be overbought. Hence, the trend could retrace as might already be in the process, as shown by the sharp red candle. Direction-wise, LUNC exhibited signals of an increased uptrend. At press time, the Directional Movement Index had the positive in a far higher position than the -DMI .With the Average Directional Index – in yellow – at 42.24, LUNC’s uptick had the tendency to continue.Usually, when the ADX rises above 25, it indicates a strong directional movement. Conversely, a value below the threshold could
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