LUNA crash devastates investors: Drops below $1

LUNA price analysis for May 12, 2022, comes on a bearish note for the coin as the prices have dropped nearly 99.61% in the last 7 days. Once, the token was one of the most promising investments but this past week, it has devastated investors, leaving them hopeless. As noted in our LUNA price analysis for May 11, 2022, the coin gave its all to maintain price action above $10 but the continuous minting of more coins by the Terra developers to re-peg the UST has diluted the loyal holders of the token. It seems that the bullish ride for the coin is over. 

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has decreased by 5.92% in the last 24 hours, followed by an 82.77% drop in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 12.21 and the Market Dominance of the coin dropped to 0.06%.

The daily candle for LUNA opened at a price of $0.07 and reached a daily high of $1.38. Furthermore, the daily low for the coin stands at $0.28, while the price of 1 LUNA at the time of writing is $0.2970.

LUNA price analysis for May 12 on the daily chart

LUNA price analysis for May 12, 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 and the MACD histogram confirms that bears are in control.

The RSI indicator reads a value below 15 which confirms that LUNA is currently being oversold and the gradient of the line shows lower prices are possible.

The price action for LUNA continues to break out from the lower end of the Bollinger Bands, and the downtrend continues.

Conclusion