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.

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.

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