LUNA unable to push above $85 as bearish continue to dominate

LUNA price analysis for May 4, 2022, comes on a bearish note for the token with huge chances of losing the $80 price level in the near future. Furthermore, the chances of the token breaking the $85 price region seem very low for the token in the short term. As noted in our LUNA price analysis for May 3, 2022, the token has seen a huge resistance at the $90 price level which won’t be broken if the buying volume doesn’t jump. An uptrend for the token cannot be confirmed until the Terra platform’s token doesn’t break $100.

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has dropped by 33.73% in the last 24 hours, followed by a 1.45% drop in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.04367 and the Market Dominance of the token dropped to 1.66%.

The daily candle for LUNA opened at a price of $82.50 and reached a daily high of $83.78. Furthermore, the daily low for the token stands at $82.04, while the price of 1 LUNA at the time of writing is $83.30.

LUNA price analysis for May 4 on the daily chart

LUNA price analysis for May 4, 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 while the MACD histogram also remains bearish.

The RSI indicator reads a value below 45 which confirms that the chances of LUNA turning bullish remain low as bears are gradually taking over the price action.

The price action for LUNA dropped to the lower end of the Bollinger Bands as the token now aims to retest the middle zone of the Bands.

Conclusion

LUNA price analysis for May 4, 2022, ends on a bearish note for the token with a high chance of losing $80 in the coming days.