LUNA bulls retain price action above $70: For how long?

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LUNA price analysis for May 7, 2022, comes on a bearish note for the coin which has seen a huge drop in prices in the last few days and it seems that the bearish trend will continue in the near future as well. As noted in our LUNA price analysis for May 6, 2022, the coin had seen a price drop of 7% and continued to follow a downtrend, i.e., formed lower lows. On the other hand, we have seen a good amount of support above the $70 price region as the coin might continue above this region if buying volume jumps from here.

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has increased by 7.58% in the last 24 hours, followed by a 9.70% drop in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.103
and the Market Dominance of the coin dropped to 1.52%.

The daily candle for LUNA opened at a price of $77.30 and reached a daily high of $77.50. Furthermore, the daily low for the coin stands at $72.14, while the price of 1 LUNA at the time of writing is $72.24.

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LUNA price analysis for May 7 on the daily chart

LUNA price analysis for May 7, 2022, will consider the data from the daily chart below and dive deeper into the readings from 3 major indicators in the crypto space. 

Source: TradingView

The MACD indicator shows that the MACD line remains below the signal line which confirms that bears are in control.

The RSI indicator reads a value below 37 while the gradient of the line suggests that lower prices are possible for LUNA.

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The price action for LUNA broke out from the lower end of the Bollinger Bands confirming a continuation of the downtrend.

Conclusion

LUNA price analysis for May 7, 2022, ends on a bearish note for the coin as we might see it below $70 in the near future.

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