LUNA, Cardano, and Avalanche Price Analysis: 11 May

ambcrypto.com:

LUNA has fallen around 84% within 72 hours following the ruckus around the stablecoin UST. UST de-pegged from the dollar and fell below $1, as low as $0.65 before recovering to $0.94 and dropping toward $0.7 once more.

Support levels don’t really appear to matter for LUNA right now as the selling pressure has been extreme. Cardano and Avalanche were also on a downtrend.

Source: LUNA/USDT on TradingView

The A/D indicator showed heavy selling volume behind LUNA in the past few days. The Awesome Oscillator showed weakening bearish momentum even as the price made a lower low. Does this bullish divergence warrant a buy LUNA? Absolutely not! Long-term investors can look to buy some LUNA at or even under the $10 mark, as Do Kwon tweeted that a recovery plan for UST was around the corner.

The time to short LUNA was when it first fell below $70. In the short term, a long or short position on LUNA could be extremely risky given the market volatility. Long-term investors could look into dollar-cost averaging into a position on LUNA with faith in a recovery in the weeks to come.

Source: ADA/USDT on TradingView

Cardano retested the $0.69 level as resistance the previous day. The RSI attempted to climb past neutral 50 to indicate a shift in momentum toward the bulls but was unable to. The CMF was also beneath the -0.05 mark, which suggested significant capital flow out of the market.

The moving averages also showed bearish momentum as the 21-SMA (orange) was moving beneath the 55-SMA (green), which also acted as resistance in the past few days. The next horizontal support for ADA lies at $0.57.

Source: AVAX/USDT on TradingView

The market structure was decisively bearish as the price set a series of lower highs and lower lows in the past week,