terra luna price analysis
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LUNA Price Analysis & Prediction (May 18th) – LUNA Takes Break After a Yearly Breakdown, Possible Retest Underway

After falling to its yearly low in March, Terra Luna held it for two months and eventually lost ground in a fresh monthly meltdown. It later found support after losing $1 last week. Bearish actions could resume if it struggles to reclaim the lost level.

Terra Luna’s trend has remained in a downward range since the price rallied to $2.5 in January. Following the four months of sell actions, the price plunged below the yearly low of $1.2 earlier this month and later established a new one around $0.93 during last week’s trading.

However, the past week of trading has been quite boring for Luna as it remained indecisive under the $1 psychological level. The price is likely to drop further if the newly established low fails to bolster as support.

Inversely, an increase above this psychological level could bring a retest at the descending resistance line. After that, we can expect it to resume bearishness. But if the crypto further pushes above the descending resistance line, we can expect positive actions to take place.

Even though the price climbs further, it would need to surpass January’s high before we can confirm a complete change in trend. 

At press time, Luna remains bearish on the daily outlook. So far, the value of the asset has depreciated by roughly 60% since it started to lose momentum in the early year. Its market cap has also lost a substantial amount during this period.

Key Levels to Watch

terra luna price analysis prediction
Source: Tradingview

In the middle of the indecisiveness, there’s a possibility for a retest of the yearly breakdown level at $1.2. A successful climb back could propel buying at $1.4 and $1.65. Higher resistance levels to watch are $1.99 and $2.34.

The support levels to keep in mind for more dips are $0.91 and $0.87. If those levels fail to contain selling, the $0.83 level is the immediate support to watch next.

Key Resistance Levels: $1.2, $1.4, $1.65

Key Support Levels: $0.91, $0.87, $0.83

  • Spot Price: $0.94
  • Trend: Bearish
  • Volatility: Low

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Photo by Mariia Shalabaieva on Unsplash

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