Luna Plunges Deeply into an Oversold Region as Buyers and Sellers Remain Undecided

Luna Coin is in a downtrend as the cryptocurrency crashed to a low of $0.00000100 on May 13. Prior to the recent plunge, the altcoin has dropped significantly over the last five days since May 9. It fluctuated between $29 and $104 before falling to a low of $0.00000100.

The following day, the market corrected upwards to reach a high of $0.00059320, but the upward correction was slowed by resistance at $0.00047500. Meanwhile, selling pressure has started after the rejection. Further upward price movement is doubtful. LUNA/USD reached the low of $0.00013676 today at the time of writing. 

Luna Coin indicator reading  

LUNA is at level 14 of the Relative Strength Index for period 14, trading in the oversold region of the market. Likewise, the cryptocurrency value is below the 20% range of the daily stochastic. The price indicators confirm that LUNA has reached the oversold region of the market. The price indicators are horizontally flat. This means that the market has reached bearish exhaustion. The 21-day line and the 50-day line SMAs are horizontally sloped.

Technical indicators:  

Major Resistance Levels - $80 and $100

Major Support Levels - $0.00060 and $0.00040

What is the next direction for LUNA?

LUNA/USD has fallen to a low of $0.00000100 and has resumed consolidation above current support. The market is characterised by small format indecisive candlesticks called doji and spinning tops. The candlesticks indicate that buyers and sellers have reached a stage of indecision. Market participants are undecided about the direction of the market.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.