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

Cryptocurrency Price analysis and Prediction

May 09, 2022

Cryptocurrency Price analysis and Prediction

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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.

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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.