LUNA sell-off continues with a 7% price crash: What’s next?

LUNA price analysis for May 6, 2022, comes on a bearish note for the coin as it has seen a price drop of more than 7% in the last 24 hours which confirms that we might see a further crash in prices. Moreover, we have witnessed the coin lose the important support at $85 in the last 24 hours but currently, the coin is holding above the $80 price region. As noted in our LUNA price analysis for May 5, 2022,

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has increased by 16.78% in the last 24 hours, followed by a 7.32% drop in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.08545 and the Market Dominance of the coin rests at 1.66%.

The daily candle for LUNA opened at a price of $82.34 and reached a daily high of $83.28. Furthermore, the daily low for the coin stands at $80.28, while the price of 1 LUNA at the time of writing is $80.47.

LUNA price analysis for May 6 on the daily chart

LUNA price analysis for May 6, 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 which confirms that LUNA might continue its downtrend in the near future.

The RSI indicator reads a value below 43 which means that the bulls and the bears are at war as bears retain their dominance over the price action.

The price action for LUNA is aiming to test the lower zone of the Bollinger Bands and investors can expect a bearish crash for the coin in the near future.

Conclusion

LUNA price analysis for May 6, 2022, ends on a bearish note for the coin with high chances of losing $80 in the near future.