LUNA jumps 30%: Strong buying signals or whales manipulating prices?

LUNA price analysis for May 22 ends on a bullish note for the coin although, it is quite clear that the $1 price level remains a dream.
LUNA price analysis for May 22 ends on a bullish note for the coin although, it is quite clear that the $1 price level remains a dream.

LUNA price analysis for May 22, 2022, comes on a bullish note for the coin as we have seen a price surge of more than 30% in the last 24 hours. Furthermore, we can expect the token to remain stuck in the downtrend unless the excess tokens are burned in the near future. Furthermore, as noted in our LUNA price analysis for May 21, 2022, we noted that despite the news of a hard fork in the near future, the trading volume for the token remained low. In the past few weeks, we have seen the token lose 99% of its price and the downtrend for the token continues.

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has surged by 39.50% in the last 24 hours, followed by a 26.57% surge in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.5855 and the Market Dominance of the coin has become negligible.

The daily candle for LUNA opened at a price of $0.000123 and reached a daily high of $0.000139. Furthermore, the daily low for the coin stands at $0.000117, while the price of 1 LUNA at the time of writing is $0.000150.

LUNA price analysis for May 22 on the daily chart

LUNA price analysis for May 22, 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 has broken above the signal line and a bullish divergence can be confirmed.

The RSI indicator reads a value below 15 confirming that the LUNA project remains one of the worst financial disasters in recent history. 

The price action for LUNA rests below the lower end of the Bollinger Bands and the selling pressure remains very high.

Conclusion

LUNA price analysis for May 22, 2022, ends on a bullish note for the coin although, it is quite clear that the $1 price level remains a dream.

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