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LUNA Price Analysis for May 6

Price Analysis
Fri, 05/06/2022 - 15:44
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Denys Serhiichuk
Has LUNA touched its support levels yet?
LUNA Price Analysis for May 6
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bears have kept their pressure as all of the top 10 coins are in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

LUNA/USD

LUNA has followed the fall of Bitcoin (BTC), going down by 4.70% over the last 24 hours.

LUNA/USD chart by TradingView
LUNA/USD chart by TradingView

On the local chart, LUNA has formed the support level at $78.51 and bounced off of it. If bulls can hold it until the end of the day, there is a chance to see a further short-term rise on the weekend.

LUNA/USD chart by TradingView
LUNA/USD chart by TradingView

On the daily time frame, the price is approaching the support at $75.67. The selling trading volume remains high, which means that bears are not ready to give up.

Related
BTC, LUNA and AVAX Price Analysis for May 4

If buyers cannot seize the initiative, there is a probability of seeing a sharp drop below $76 soon.

LUNA/USD chart by TradingView
LUNA/USD chart by TradingView

On the weekly chart, bears remain more powerful than bulls after the price failed to fix above the $90 mark. If buyers cannot hold the zone of $75, the fall may continue to the nearest mark at $61 within the next few weeks.

LUNA is trading at $79.05 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.