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

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

BTC

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.

ETH

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

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.

C98

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

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.

RSR

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.

BNB

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

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

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona 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. (I do not have a discord and will not contact you first there. Beware of scammers)
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