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Technical Analysis for LUNUSD for 9th May 2022

LUNA Breaks Down as Terra Finds Support at $60

Past Performance of LUNA

The LUNA coin continues to slip versus the USDT when writing. Although buyers are confident, sellers have been firm. As per the performance in the daily chart, LUNA is within a bear breakout formation as bulls are capped below $80. In the previous trading week, the coin is down 11 percent against the USDT. If sellers press, the token could slide below the immediate support, slumping to Q1 2022 lows.

LUNA Technical Analysis

The primary support is $60, flashing with the 78.6 percent Fibonacci retracement level of the Q1 2022 trade range. In a bear breakout formation, the immediate trend is defined and is southwards. As a result, traders may find entries on every correction towards $80. So far, LUNA bear bars are aligned along the lower BB, suggesting intense selling pressure. The immediate target for sellers stands at $60. However, if there are more profound losses, the coin may contract to retest $45—around Q1 2022 lows in a bear trend continuation. Such a move would unwind the gains of March and April, shaping the medium-term trajectory to solidly favor sellers.

What to Expect from LUNA

The Terra ecosystem is huge and one of the most liquid. LUNA is pinned by determined sellers at spot rates and may slump below $60, heaping more pressure on optimistic Terra bulls.

Resistance level to watch: $80

Support level to watch: $60

Disclaimer: Opinions expressed are not investment advice. Do your research.

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