LUNA drops below 90 following a 9% crash! Buy and HODL?

LUNA price analysis for April 11, 2022, comes on a bearish note for the token as it is clear from the data that the token has lost more than 8% of its value in the last 24 hours and more fall can be expected in the near future. Furthermore, we noted in our LUNA price analysis for April 8, 2022, that the token had major support which was lost and as a result, the token lost $100 and is currently trading below the $90 price level. 

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has surged by 20.65% in the last 24 hours, followed by an 8.63% drop in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.06406, and the Market Dominance of the token dropped to 1.61%.

The daily candle for LUNA opened at a price of $91.85 and reached a daily high of $92.18. Furthermore, the daily low for the token stands at $86.57, while the price of 1 LUNA at the time of writing is $87.63.

LUNA price analysis for April 11 on the daily chart

LUNA price analysis for April 11 will consider the data from the indicators below which will help us predict the price trajectory for the token.

Source: TradingView

The RSI indicator reads a value below 42 which means that the bears are currently ruling the price action and the chances of breaking below $85 also seem considerable. 

The MACD indicator shows that the MACD line is way below the signal line which means that the bears are currently in control and selling pressure is very high for LUNA.

The price action has dropped down to the lower end of the Bollinger Bands which means that a bearish breakout might take place.

Conclusion

LUNA price analysis for April 11, 2022, ends on a bearish note for the token as the chances of losing $85 are increasing.