LUNA drops 4% as bears aim to push prices below $80

LUNA price analysis for April 29, 2022, comes on a bearish note for the Terra platform’s token as it has lost nearly 4% of its value in the last 24 hours. Furthermore, as we can see in our LUNA price analysis for April 28, 2022, the token tried to retain prices above the $90 price region but failed to do so following a surge in selling pressure. Another price drop can be expected in the near future as a minor downtrend has taken shape for the token and we might see lower prices.

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has surged by 30.33% in the last 24 hours, followed by a 3.76% surge in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.07288
And the Market Dominance of the token dropped to 1.64%.

The daily candle for LUNA opened at a price of $89.13 and reached a daily high of $89.73. Furthermore, the daily low for the token stands at $85.03, while the price of 1 LUNA at the time of writing is $85.87.

LUNA price analysis for April 29 on the daily chart

LUNA price analysis for April 29, 2022, will consider the data from the daily chart below which has 3 major indicators integrated into it. 

Source: TradingView

The RSI indicator reads a value below 45 which means that the bears are pushing the bulls out of the market as the gradient hints at lower prices.

The MACD indicator shows that the MACD line and the signal line are very close to each other and a bearish divergence has been witnessed on the daily chart.

The price action for LUNA aimed to retest the middle zone of the Bollinger Bands but failed the retest.

Conclusion

LUNA price analysis for April 29, 2022, ends on a bearish note for the token as chances of losing $80 seem quite high.