LUNA on the verge of dropping out of top 10 cryptos by market cap

LUNA price analysis for April 12, 2022, comes on a bearish note for the token as the chances of losing the $80 price region are quite high. The token made new all-time highs this year but had finally dropped below $100 as noted in our previous Terra analysis. On the other hand, TheCoinRise also noted in our LUNA price analysis for April 11, 2022, that the token had lost the $90 price level as major support. It seems that the crypto space is currently undergoing a major sell-off period and chances of new ATH are quite low. 

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has surged by 51.31% in the last 24 hours, followed by a 6.31% drop in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.1064, and the Market Dominance of the token dropped to 1.60%.

The daily candle for LUNA opened at a price of $82.51 and reached a daily high of $83.77. Furthermore, the daily low for the token stands at $81.33, while the price of 1 LUNA at the time of writing is $82.70.

LUNA price analysis for April 12 on the daily chart

LUNA price analysis for April 12 will take help from the 3 major indicators integrated into the daily chart below to figure out future price action for the token.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are moving further apart as the sell-off continues. 

The RSI indicator shows a value below 39 and the gradient of the line confirms that lower prices will follow in the coming days. 

Furthermore, the price action for LUNA has dropped to the lower end of the Bollinger Bands confirming that the token might drop further. 

Conclusion

LUNA price analysis for April 12, 2022, ends on a bearish note for the token as chances of losing the $80 price level as a support are low.