LUNA drops another 25% despite the possibilities of an incoming fork

LUNA price analysis for May 21, 2022, ends on a bearish note for the coin as it is quite clear that the LUNA ecosystem is dead.
LUNA price analysis for May 21, 2022, ends on a bearish note for the coin as it is quite clear that the LUNA ecosystem is dead.

LUNA price analysis for May 21, 2022, comes on a bearish note for the token with increased chances of losing any kind of support that the bulls pose. In the past few days, the token has lost most of its value and it seems that that situation won’t change in the short term. For the long term, it is uncertain whether the fork being implemented will save the Terra network or lead to its ultimate demise. As per our LUNA price analysis for May 20, 2022, the $1 dream of investors is gradually dying as the token continues to follow a bearish path.

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has dropped by 34.39% in the last 24 hours, followed by a 24% drop in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.5311 and the Market Dominance of the coin has become negligible.

The daily candle for LUNA opened at a price of $0.0001178 and reached a daily high of $0.0001228. Furthermore, the daily low for the coin stands at $0.0001025, while the price of 1 LUNA at the time of writing is $0.0001066.

LUNA price analysis for May 21 on the daily chart

LUNA price analysis for May 21, 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. However, the two lines are touching each other, and a bullish divergence might be seen soon.

The RSI indicator reads a value below 15 confirming that LUNA investors have been rekt. 

The price action for LUNA rests in the lower end of the Bollinger Bands and the selling pressure continues to dominate the buyers.

Conclusion

LUNA price analysis for May 21, 2022, ends on a bearish note for the coin as it is quite clear that the Terra ecosystem is dead.

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