LUNA aims to retain price action above $80 as bulls lose control

LUNA price analysis for May 1, 2022, comes on a bearish note for the token with high chances of losing the $80 minor support in the near future. The token dropped nearly 6% in the last 24 hours following a surge in selling volume. It seems that the token has now entered a downtrend that might continue for quite some time. As noted in our LUNA price analysis for April 30, 2022, the token had found minor support at the $85 price region but was unable to hold and as a result, fell below it.

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has jumped by 26.37% in the last 24 hours, followed by a 6.31% drop in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.07454
And the Market Dominance of the token dropped to 1.61%.

The daily candle for LUNA opened at a price of $78.10and reached a daily high of $86.33. Furthermore, the daily low for the token stands at $84.58, while the price of 1 LUNA at the time of writing is $85.22.

LUNA price analysis for May 1 on the daily chart

LUNA price analysis for May 1, 2022, will consider the data from the daily chart below which consists of 3 major indicators integrated into it. 

Source: TradingView

The MACD line and the signal line are moving apart as we have witnessed a bearish divergence on the daily chart.

The RSI indicator reads a value below 42 which means that the bears might continue to dominate the price action in the near future. The gradient of the line also suggests weakness.

The price action for LUNA dropped to the lower end of the Bollinger Bands which means that the chances of a bearish outbreak seem quite high.

Conclusion

LUNA price analysis for May 1, 2022, ends on a bearish note for the token with high chances of losing the $80 price level.