Cryptocurrency

LUNA, Cardano, and Avalanche Price Analysis: 11 May

(*11*)

LUNA has fallen round 84% inside 72 hours following the ruckus across the stablecoin UST. UST de-pegged from the greenback and fell beneath $1, as little as $0.65 earlier than recovering to $0.94 and dropping towards $0.7 as soon as extra.

Support ranges don’t actually seem to matter for LUNA proper now because the promoting stress has been excessive. Cardano and Avalanche have been additionally on a downtrend.

Terra (LUNA)

Source: LUNA/USDT on TradingView

The A/D indicator confirmed heavy promoting quantity behind LUNA up to now few days. The Awesome Oscillator confirmed weakening bearish momentum at the same time as the worth made a decrease low. Does this bullish divergence warrant a purchase LUNA? Absolutely not! Long-term traders can look to purchase some LUNA at and even beneath the $10 mark, as Do Kwon tweeted {that a} restoration plan for UST was across the nook.

The time to quick LUNA was when it first fell beneath $70. In the quick time period, a protracted or quick place on LUNA could possibly be extraordinarily dangerous given the market volatility. Long-term traders may look into dollar-cost averaging right into a place on LUNA with religion in a restoration within the weeks to return.

Cardano (ADA)

LUNA, Cardano, Avalanche Price Analysis: 11 May

Source: ADA/USDT on TradingView

Cardano retested the $0.69 stage as resistance the day prior to this. The RSI tried to climb previous impartial 50 to point a shift in momentum towards the bulls however was unable to. The CMF was additionally beneath the -0.05 mark, which recommended important capital circulation out of the market.

The shifting averages additionally confirmed bearish momentum because the 21-SMA (orange) was shifting beneath the 55-SMA (inexperienced), which additionally acted as resistance up to now few days. The subsequent horizontal assist for ADA lies at $0.57.

Avalanche (AVAX)

LUNA, Cardano, Avalanche Price Analysis: 11 May

Source: AVAX/USDT on TradingView

The market construction was decisively bearish as the worth set a collection of decrease highs and decrease lows up to now week, barring a breakout above the $64 stage that was shortly reversed. The Fibonacci retracement ranges (yellow) confirmed that AVAX bulls made effort to drive costs previous $46.7, the 38.6% retracement stage. However, they have been rebuffed after a day of skirmishing.

This meant the $40 and the $35.23 (27.2% extension stage) are the following robust ranges of assist to be careful for. The OBV did bounce up to now few days, however the RSI was again beneath the impartial 50 line to indicate robust bearish stress.


Related Articles

Leave a Reply

Your email address will not be published.

Back to top button