LUNA drops another 30% despite Kwon’s recovery plan

LUNA price analysis for May 17, 2022, ends on a bearish note for the coin and it seems that the project is dead!
LUNA price analysis for May 17, 2022, ends on a bearish note for the coin and it seems that the project is dead!

LUNA price analysis for May 17, 2022, comes on a very bearish note for the coin with low chances of recovery as it seems that the project has lost the trust of investors from all around the world. In the last 24 hours, we have seen the token drop more than 30% and the chances of reclaiming even $1 seem slim let alone the all-time high. Furthermore, the recovery plan of creating a hard fork of Terra called TERRA2 might note work as pointed out by the CEO of Binance.

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has dropped by 14.18% in the last 24 hours, followed by a 29.17% drop in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 2.66 and the Market Dominance of the coin has become negligible.

The daily candle for LUNA opened at a price of $0.0001930 and reached a daily high of $0.00022. Furthermore, the daily low for the coin stands at $0.000163, while the price of 1 LUNA at the time of writing is $0.000167.

LUNA price analysis for May 17 on the daily chart

LUNA price analysis for May 17, 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 and the MACD histogram confirms that selling pressure is very high.

The RSI indicator reads a value below 15 confirming that LUNA is an oversold and highly volatile asset and no more worthy investment. 

The price action for LUNA rests in the lower end of the Bollinger Bands while a breakout from the same region continues.

Conclusion

LUNA price analysis for May 17, 2022, ends on a bearish note for the coin and it seems that the project is dead!

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