LUNA drops to 9th position in the market: Buy now?

LUNA price analysis for May 5, 2022, comes on a bullish note for the token with a 4% price surge in the last 24 hours. However, it is also important to note that the token has underperformed when compared to other cryptocurrencies in the crypto space. We can also witness the token fall out of the top 10 cryptocurrencies by market cap if the situation doesn’t change soon. As noted in our LUNA price analysis for May 4, 2022, the token has major support at the $80 price region which remains a good point of entry for investors looking to buy the Terra platform’s token.

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has dropped by 33.73% in the last 24 hours, followed by a 1.45% drop in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.04367 and the Market Dominance of the token dropped to 1.66%.

The daily candle for LUNA opened at a price of $86.18 and reached a daily high of $87.87. Furthermore, the daily low for the token stands at $85.81, while the price of 1 LUNA at the time of writing is $86.47.

LUNA price analysis for May 5 on the daily chart

LUNA price analysis for May 5, 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 is touching the signal line as a bullish divergence seems inevitable for the token.

The RSI indicator reads a value below 48 which confirms that the chances of LUNA turning bullish remain considerable.

The price action for LUNA is retesting the middle zone of the Bollinger Bands and investors can expect the token to move higher in the coming days.

Conclusion

LUNA price analysis for May 5, 2022, ends on a bullish note for the token as chances of breaking above $90 are high.