LUNA supply exceeds trillions of tokens: Prices remain negligible

LUNA price analysis for May 18, 2022, ends on a bearish note for the coin and investors should not buy it until a solution is passed.
LUNA price analysis for May 18, 2022, ends on a bearish note for the coin and investors should not buy it until a solution is passed.

LUNA, which was considered one of the new ‘shiny’ things in the world of cryptocurrencies, has decided to undergo a hard fork, as reported by TheCoinRise. What does this mean? Well, for now, we haven’t seen the reflection of this decision on the prices as the Terra price analysis for May 18, 2022, comes on a bearish note for the token with a 2.9% price drop in the last 24 hours. Furthermore, as noted in our LUNA price analysis for May 17, 2022, a 30% price crash was seen causing the token to drop to a daily low of $0.000163.

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has dropped by 63.31% in the last 24 hours, followed by a 2.98% drop in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.934 and the Market Dominance of the coin has become negligible.

The daily candle for LUNA opened at a price of $0.0001866 and reached a daily high of $0.0001944. Furthermore, the daily low for the coin stands at $0.0001750, while the price of 1 LUNA at the time of writing is $0.0001809.

LUNA price analysis for May 18 on the daily chart

LUNA price analysis for May 18, 2022, will consider the data from the daily chart below and dive deeper into the readings from 3 major indicators in the crypto space.

LUNA price analysis
Source: TradingView

The MACD indicator shows that the MACD line remains below the signal line and the MACD histogram confirms that selling pressure is very high and is full of red bars.

The RSI indicator reads a value below 15 confirming that LUNA is currently being oversold with no chances of higher prices. 

The price action for LUNA rests in the lower end of the Bollinger Bands while a bearish breakout for the coin continues.

Conclusion

LUNA price analysis for May 18, 2022, ends on a bearish note for the coin and investors should not buy it until a solution is passed.

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