LUNA price analysis for May 10, 2022, comes on a bearish note for the coin with a significant price drop in the last 24 hours. Furthermore, TheCoinRise noted a 50% price drop in the same duration. It seems that there is a huge selling pressure for cryptocurrency and the chances of another bearish crash seem quite high in the coming days. As noted in our LUNA price analysis for May 9, 2022, the stablecoin issuer saw support above the $70 which failed to hold, and now, if $28 holds, things will be fine, or else, we might get rekt further.
It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has increased by 93.30% in the last 24 hours, followed by a 54.04% drop in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.9039
and the Market Dominance of the coin dropped to 0.70%.
The daily candle for LUNA opened at a price of $30.31 and reached a daily high of $40.18. Furthermore, the daily low for the coin stands at $23.50, while the price of 1 LUNA at the time of writing is $28.25.
LUNA price analysis for May 10, 2022, will consider the data from the daily chart below and dive deeper into the readings from 3 major indicators in the crypto space.
Source: TradingView
The MACD indicator shows that the MACD line remains below the signal line and the MACD histogram is also bearish.
The RSI indicator reads a value below 20 as the LUNA coin is currently in the oversold region and the gradient of the line suggests that lower prices will follow.
The price action for LUNA broke out from the lower end of the Bollinger Bands as the downtrend continued.
LUNA price analysis for May 10, 2022, ends on a bearish note for the coin as the $28 region is a make-it or break-it zone.
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