• LUNA price is struggling to maintain a clear support zone. 
  • Sell-off in crypto has wiped out nearly all gains made after yesterday’s post-Fed announcement.
  • Some support has entered during the intraday session to prevent a major collapse. 

LUNA price is up against the same renewed selling pressure of risk-on assets around the globe. But there is some strong signs of bulls stepping up to prevent LUNA from dipping further. 

LUNA price action shows bulls attempting to prevent a major collapse

LUNA price made another push down to a price level identified yesterday (May 4), the neckline of a head-and-shoulders pattern. Bulls, however, have defended against a drop below the neckline. In fact, LUNA has more evidence of clear and active buying to protect against collapse than any other major market cap cryptocurrency. 

The final support level for LUNA price remains at the $77 price level. $77 is the 50% Fibonacci retracement of the all-time high to the low of the February 24 weekly strong bar. $77 is also the final large area within the current high volume node of the 2022 Volume Profile

A close at or below $77 would confirm an Ideal Bearish Ichimoku Breakout because the Chikou Span would be in open space - a condition where the Chikou Span won’t intercept the body of any candlesticks in the next five to ten periods. 

The last time LUNA price saw an Ideal Bearish Ichimoku Breakout was on January 29, 2022 - but prices stabilized. That drop preceded the 155% rally from the $46 to the new all-time high of $119.50. 

LUNA/USDT Daily Ichimoku Kinko Hyo Chart

If bulls want to stave off any further selling pressure or bearish bias, they’ll need to return LUNA price to a close inside the Cloud and above the Tenkan-Sen and Kijun-Sen - approximately the $88 value area. Then, to create a renewed uptrend, bulls will need to push even higher to close at or above $100.

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP