- 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
Editors’ Picks
Bitcoin consolidates after a new all-time high of $99,500
Bitcoin remains strong above $97,700 after reaching a record high of $99,588. At the same time, Ethereum (ETH) edges closer to breaking its weekly resistance, signaling potential gains. Ripple holds steady at a critical support level, hinting at continued upward momentum.
Sandbox hits fresh yearly high as on-chain metrics reach record highs
The Sandbox continued its rally and hit a fresh yearly high of $0.8680 in the early Asian session on Monday after surging over 121% last week. However, at the time of writing, SAND retraces and stabilizes around $0.7600.
Why is Dogecoin price down today?
Dogecoin (DOGE $0.4243) is retreating after reaching its highest levels since May 2021, suggesting a growing profit-taking sentiment among traders following Donald Trump’s win.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
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.