Most traders are in a state of panic as they see $LUNA continuously piercing through psychological support levels. Those who once believed in the rebound after the "wick sweep" at the $0.120 zone are now facing harsh reality as the price continues to probe the bottom. The mentality of "cut losses at all costs" is spreading, creating a panic selling pressure even when the price has fallen to extremely low levels.
Looking at the price behavior on the 1H chart, the long red candles piercing through the EMA line indicate that this is a large-scale position washout. The stop-loss orders of the Longs are becoming fuel for the whales to push the price down further in search of the real liquidity zone. However, when pessimism reaches its peak and no one dares to mention buying, that is often when insider money quietly begins the process of absorbing cheap goods from those who have given up.
