LUNA back above $80 with a 5% surge in prices

LUNA price analysis for May 2, 2022, welcomes a 5% price surge for the token with increased chances of breaking $85 in the near future. However, it is also important to note that the volume is not high enough to break the $90 price resistance and in order to do so, the token needs increased buying demand. Furthermore, the data from our LUNA price analysis for May 1, 2022, showed us that the token failed to hold above the important support zone of $80. In the last 24 hours, the token reclaimed this region but will the price hold above it?

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has dropped by 11.71% in the last 24 hours, followed by a 4.62% surge in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.05995
And the Market Dominance of the token rose to 1.64%.

The daily candle for LUNA opened at a price of $82.21 and reached a daily high of $83.96. Furthermore, the daily low for the token stands at $82.14, while the price of 1 LUNA at the time of writing is $82.70.

LUNA price analysis for May 2 on the daily chart

LUNA price analysis for May 2, 2022, will consider the data from the daily chart below and readings from the 3 major indicators integrated into it. 

Source: TradingView

The MACD indicator shows that the MACD line and the signal line continue to move apart and the MACD histogram also remains bearish.

The RSI indicator reads a value below 43 which confirms that the chances of LUNA losing the $80 price region seem quite considerable.

The price action for LUNA dropped to the lower end of the Bollinger Bands but now with a 5% surge, we can expect the token to retest higher levels.

Conclusion

LUNA price analysis for May 2, 2022, ends on a bearish note for the token with high chances of losing $80 if buyers don’t take charge.