Terra (LUNA) Drops 52% In a Single Day – Multi Coin Analysis

Share Article
In Brief
  • BTC, XRP and LUNA have reached new yearly lows.

  • C98 is trading inside a long-term descending wedge.

  • RSR has fallen to a new all-time low.

  • promo

    KuCoin Releases KCS whitepaper – a Path for Geek to Mass Adoption Read now!

The Trust Project is an international consortium of news organizations building standards of transparency.

Be[in]Crypto takes a look at the price movement for seven different cryptocurrencies, including Terra (LUNA), which fell considerably on May 9.


Bitcoin (BTC) had been trading inside an ascending parallel channel since Jan 21. On May 5, it finally broke down from it and greatly accelerated its rate of decrease.

So far, it reached a low of $29,730 on May 10. 

An interesting development is the fact that the volume on May 10 was the highest in nearly a year (red icons). 

Currently, BTC is trading just above the $30,500 horizontal support area, where it has possibly initiated a bounce.


Ethereum (ETH) had been increasing alongside a short-term ascending support line (dashed) since Jan 21. On May 5, it finally broke down from it and reached a low of $2,200 on May 10. The low was just slightly above the yearly low of $2,170. 

The next closest support is created by a longer-term ascending support line, which has been in place since June. The line is currently at $2,050.


XRP had been trading above the $0.58 support area since Jan 22. While it bounced above the area on April 30 (green icon), it has fallen below it since.

Currently, XRP is trading below the $0.52 horizontal area, which had previously not been tested since July 2021. If it fails to reclaim it, the rate of decrease could accelerate further.


Coin98 (C98) has been decreasing inside a descending wedge since Aug 25. The downward movement seems to have been contained inside a descending wedge. 

C98 was rejected by the resistance line several times, most recently on April 21 (red icon). If the downward movement continues, the support line of the wedge would be at $0.05. This would be very close to a new all-time low price.


LUNA has been falling since reaching an all-time high price of $119.55 on April 5. The decrease has been swift, and it greatly accelerated on May 9, when the price decreased by 52% in a single day. 

It is possible that the decrease occurred as a result of the depegging of the stablecoin UST.

After the drop, LUNA bounced at the $25 horizontal support area. If the area fails to hold, the next support levels would be at $6.


Reserve Rights (RSR) has been falling at an accelerated rate since Nov. Initially, it bounced at the all-time low support area, but created a lower high and fell afterwards, breaking down from the area in the process.

On May 10, it reached a new all-time low price of $0.0059. The previous all-time low support area at $0.007 has now turned to resistance. Until it is reclaimed, the trend cannot be considered bullish.

RSR Drop
RSR/USDT Chart By TradingView


Binance Coin (BNB) had been increasing alongside an ascending support line since Jan 21. However, it failed to sustain the upward movement and broke down from the line on May 5. So far, it has reached a low of $289 on May 10.

The next closest support area is at $260, created by the May to July 2021 lows.

BNB Drop
BNB/USDT Chart By TradingView

For Be[In]Crypto’s previous Bitcoin (BTC) analysis, click here


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Share Article

Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

Follow Author

KuCoin Releases KCS whitepaper – a Path for Geek to Mass Adoption      

Read now

KuCoin Releases KCS whitepaper – a Path for Geek to Mass Adoption

Read now

Olympus, a P2E NFT Game Similar to Clash Royale, Is Making Headlines

Read Now