The entire cryptocurrency market has become increasingly bearish in the past few days. All major cryptocurrencies, even the likes of Bitcoin (BTC) have faced declines in their value.
The overall valuation of the entire cryptocurrency market has moved downstream due to the recent happenings involving the Silvergate Bank. The bank is under a great level of scrutiny by the US regulators.
The bank might be on the verge of going bankrupt and its strong relation to the crypto market is what has caused the entire crypto market to face a downtrend.
LUNC is facing the Impact
Due to the recent market downtrend, the value of LUNC has experienced a decline as well.
The recent downtrend has even pulled the trading price of LUNC below the $0.000152 mark, which is the monthly support level.
As the price of LUNC continued declining, the trading volume also kept increasing for the asset. This confirmed that the decline in the trading value is not a temporary one but something that is backed by strong market sentiments.
The sellers are in high spirits and they have the confidence to own the selling spree. They are backing up the selling activity with all their might, which may prolong the activity.
According to the analysts, LUNC is currently facing a correction and it may be prolonged as long as the confidence of the sellers stays put.
Although the trading price of the asset had been surging significantly, the bears entered the trend to display their selling power.
They continued selling LUNC at a significant rate and it ended up bringing the trading price of LUNC lower than the support level.
LUNC is Within the Consolidation Territory
The data shows that LUNC has entered the consolidation phase and it is still inside the bearish territory. Due to the price correction period, the value of the asset has fallen below the $0.000152 support level.
The price chart suggests that prior to the initiation of the correction, the value of LUNC was at a high of $0.000208. However, with the selling spree coming into action, the value of the token has plunged to $0.000147.
The trading volume for LUNC has been impacted by the recent decline as well. The report shows that LUNC’s trading volume has witnessed a great demise due to the recent sessions.
The data shows that the value of LUNC has fallen to $51.9 million due to recent activities. In terms of figures, the trading volume of LUNC has declined by 10.3%.
A Long Running Battle
There has been a long-running battle between the bears and the bulls to show their prowess. However, it is the bears that have taken the lead.
They have managed to build enough pressure over the bulls that they have moved out of the way. It is worth mentioning that the bulls had already lost their will and confidence in supporting the rally.
Even though the bulls tried to put up a great show, they were not able to match the prowess of the bears. The exhausted bulls stepped out of the way and the price of LUNC fell below the $0.0001571 level.
Once again, the demise in the trading price of LUNC is due to the Silvergate Bank dilemma. It was on the 3rd of March when the share prices for Silvergate fell tremendously.
According to the report, the share prices for Silvergate Bank declined by 57%. On the same day, the trading price of the LUNC token experienced a 10.35% dip.
As for the past 24-hours, the trading price of LUNC has declined by 1.8%. Going forward, if the bears keep increasing their selling power, the trading price of LUNC may continue to decline.
If the selling spree continues, the trading price of LUNC may fall even deeper. As the selling pressure keeps on increasing, the trading price of LUNC may fall below the current level.