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Bears have kept their pressure as all of the top 10 coins are in the red zone.
LUNA has followed the fall of Bitcoin (BTC), going down by 4.70% over the last 24 hours.
On the local chart, LUNA has formed the support level at $78.51 and bounced off of it. If bulls can hold it until the end of the day, there is a chance to see a further short-term rise on the weekend.
On the daily time frame, the price is approaching the support at $75.67. The selling trading volume remains high, which means that bears are not ready to give up.
If buyers cannot seize the initiative, there is a probability of seeing a sharp drop below $76 soon.
On the weekly chart, bears remain more powerful than bulls after the price failed to fix above the $90 mark. If buyers cannot hold the zone of $75, the fall may continue to the nearest mark at $61 within the next few weeks.
LUNA is trading at $79.05 at press time.