LUNA Price Crashes 95% Trades Below $1.0; What Holds Next?

LUNA price breaks all the records and continues to bleed for the seventh straight day. LUNA started the session on a highly pessimistic note and nose dives to the never seen before levels opened lower. But, the recent downswing pushed it toward a crucial juncture, which might result in a quick bounce back as technically there could be no further worse level for it. Still, investors refrain from entering into the token anticipating worse.

• LUNA price fell terribly losing 95% in a single day leaving investors in dilemma.
• Investors remain in panic selling mode due to the extremely negative sentiment in the market.
• The price sinks below $1.0 the levels were seen for the first time in the token

LUNA price falls catastrophically

LUNA price fell mercilessly on Monday, the trend which is getting worse in every trading session. In the last three-day LUNA dropped 98%. The asset is in the extreme oversold zone on all the time-frames suggesting an immediate bounce back. However, when the market is in the grip of intense negative movement it becomes really challenging to make a quick come back. That’s what is happening with LUNA at the time of writing.

A renewed buying pressure would push the price back to the psychological $20.0 level. An acceptance above the mentioned level will pave the way for the previous session high of $39.80.

On the flip side, a spike in sell orders could drag the price further lower to test the $1.0 level.

Technical indicators:

The relative strength index (RSI) trades below the average line in the oversold zone. It reads at 14.

Another oscillator, the moving average convergence divergence holds an extreme oversold condition with negative bias.

As of publication time, LUNA/USD reads at $0.90, down 95.46% for the day. According to CoinMarketCap, the cryptocurrency holds the 24-hour trading volume at $7,713,708,272.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.