LUNA rebounds from $10 with more than 60% price drop

LUNA price analysis for May 11, 2022, comes on a bearish note for the token as the chances of losing the $10 price region are also quite high. We have seen a huge drop in the prices of the token in the last 72 hours and as noted in our LUNA price analysis for May 10, 2022, the chances of the Terra platform’s token to reclaim $20 seem quite low. Another important fact to note here is that the token dropped from the top 10 cryptocurrencies in the market and is now ranked as the 23rd biggest cryptocurrency in the market.

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has increased by 93.30% in the last 24 hours, followed by a 54.04% drop in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.9039
and the Market Dominance of the coin dropped to 0.70%.

The daily candle for LUNA opened at a price of $17.46 and reached a daily high of $19.66. Furthermore, the daily low for the coin stands at $10.40, while the price of 1 LUNA at the time of writing is $10.56.

LUNA price analysis for May 11 on the daily chart

LUNA price analysis for May 11, 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 confirms huge selling pressure.

The RSI indicator reads a value below 16 which confirms that the token is now being heavily oversold in the market.

The price action for LUNA broke out from the lower end of the Bollinger Bands and the downtrend for the token will continue. 

Conclusion