LUNA on the verge of losing $60: What to expect?

LUNA price analysis for May 9, 2022, comes on a bearish note for the coin as the chances of retaining the $60 price region. In the last 24 hours, we have seen the coin rebound from the $60 region which confirms that this is an area of minor support. Furthermore, as noted in our LUNA price analysis for May 8, 2022, the stablecoin issuer saw support above the $70 price region but failed to retain prices above it. At the time of writing, the price of the coin is 48.09% low than its all-time high.

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has increased by 12.54% in the last 24 hours, followed by a 6.41% drop in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.2139
and the Market Dominance of the coin dropped to 1.38%.

The daily candle for LUNA opened at a price of $64.27 and reached a daily high of $65.29. Furthermore, the daily low for the coin stands at $60, while the price of 1 LUNA at the time of writing is $63.52.

LUNA price analysis for May 9 on the daily chart

LUNA price analysis for May 9, 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 remains below the signal line and the MACD histogram also confirmed that bears are in control.

The RSI indicator reads a value below 32 which confirms that bears are in control of the price action. The gradient of the line suggests that LUNA might enter oversold levels.

The price action for LUNA broke out from the lower end of the Bollinger Bands which confirms that lower prices might follow.

Conclusion

LUNA price analysis for May 9, 2022, ends on a bearish note for the coin with increased chances of losing the $60 price region.