LUNA finds buyers’ support at $80: Nears $85 price level

LUNA price analysis for May 3, 2022, begins on a slightly bullish note for the token which has found a good deal of support at the $80 price region and we can further expect the token to make way for higher prices in the coming days. Furthermore, as noted in our LUNA price analysis for May 2, 2022, the token is stuck in a downtrend and dropped as low as $80 and it was expected that the token might revisit the $70 price region. It is important to note that we might see the token above $90 if $85 turns into support.

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has jumped by 8.23% in the last 24 hours, followed by a 1.40% surge in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.06414
And the Market Dominance of the token rose to 1.67%.

The daily candle for LUNA opened at a price of $82.45 and reached a daily high of $85.88. Furthermore, the daily low for the token stands at $83.80, while the price of 1 LUNA at the time of writing is $84.17.

LUNA price analysis for May 3 on the daily chart

LUNA price analysis for May 3, 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 and the signal line are moving closer to each other and it is possible that we might see a bullish divergence for the token.

The RSI indicator reads a value below 46 which means that the bulls are gradually coming back in action.

The price action for LUNA dropped to the lower end of the Bollinger Bands but buying pressure prevented a bearish breakout and now LUNA aims to retest the middle region.

Conclusion

LUNA price analysis for May 3, 2022, confirms that investors can expect higher prices for the token in the near future.