LUNA drops another 20% as regulators eye Do Kwon

LUNA price analysis for May 19, 2022, ends on a bearish note for the coin as regulators have opened an investigation into Do Kwon.
LUNA price analysis for May 19, 2022, ends on a bearish note for the coin as regulators have opened an investigation into Do Kwon.

LUNA price analysis for May 19, 2022, comes on a bearish note for the coin as we have seen a 20% drop in the price of the token and it seems that despite a revival plan presented by Do Kwon, the community is not trusting the project with its money. Additionally, we noted in our LUNA price analysis for May 18, 2022, that the possibilities for the coin to reclaim $1 are very low as the supply has exceeded trillions. The token remains one of the worst financial disasters ever as it has dropped 99% in a few days.

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has dropped by 23.10% in the last 24 hours, followed by a 20.17% drop in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.8 and the Market Dominance of the coin has become negligible.

The daily candle for LUNA opened at a price of $0.000147 and reached a daily high of $0.000160. Furthermore, the daily low for the coin stands at $0.000137, while the price of 1 LUNA at the time of writing is $0.000142.

LUNA price analysis for May 19 on the daily chart

LUNA price analysis for May 19, 2022, will consider the data from the daily chart below and dive deeper into the readings from 3 major indicators in the crypto space.

LUNA price analysis
Source: TradingView

The MACD indicator shows that the MACD line remains below the signal line but the two lines are coming closer, hinting at a bullish divergence.

The RSI indicator reads a value below 15 confirming that LUNA is a highly volatile asset and remains oversold. 

The price action for LUNA rests in the lower end of the Bollinger Bands while a bearish breakout for the coin continues.

Conclusion

LUNA price analysis for May 19, 2022, ends on a bearish note for the coin as regulators have opened an investigation into Do Kwon.

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