LUNA investors’ $1 dreams are as good as dead

LUNA price analysis ends on a bearish note while Do Kwon's revival plan doesn't seem to have positive effect on the price action.
LUNA price analysis ends on a bearish note while Do Kwon's revival plan doesn't seem to have positive effect on the price action.

LUNA price analysis for May 20, 2022, comes on bearish note for the coin with a 6.89% price drop in the last 24 hours. Additionally, we have seen billions wiped off from the token’s market cap in the last few days and it seems that we might see the continuation of a downtrend. As noted in our LUNA price analysis for May 19, 2022, the chances of the token dropped another 20% and it seems that bulls have been driven away from the market. Investors dream of the token reaching $1 soon but the chances of that are slim.

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has dropped by 33.63% in the last 24 hours, followed by a 7.58% drop in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.6384 and the Market Dominance of the coin has become negligible.

The daily candle for LUNA opened at a price of $0.0001317 and reached a daily high of $0.000148 . Furthermore, the daily low for the coin stands at $0.00013, while the price of 1 LUNA at the time of writing is $0.000135.

LUNA price analysis for May 20 on the daily chart

LUNA price analysis for May 20, 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 but the two lines are very close, and a bullish divergence is very much possible.

The RSI indicator reads a value below 15 confirming that LUNA is a highly volatile asset and remains oversold. 

The price action for LUNA rests in the lower end of the Bollinger Bands and the bears dominate the bulls.

Conclusion

LUNA price analysis for May 20, 2022, ends on a bearish note for the coin while Do Kwon’s revival plan doesn’t seem to have positive effect on the price action.

A writer, an author, a freelancer with writings in over 50+ niches, an editor, a proofreader, a music enthusiast, a YouTuber, a podcaster, and someone, who puts consistent efforts each day to make sure his creativity is noticed. What's more? He loves cryptocurrencies.