LUNA aims to turn $95 into support as $96 resistance prevails

LUNA price analysis for March 24, 2022, comes on a sluggish note for the Terra Network’s token as the token was unable to breach through the $96 price resistance which means the chances of breaking the previous all-time high seem low. Moreover, the bulls aim to turn the $95 level as a support in order to prevent a price crash. However, we also noted in our LUNA price analysis for March 23 that the $93 price area is also an important price zone for the token. 

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has risen by 20.91% in the last 24 hours, followed by a 2% increase in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.05162, and the Market Dominance of the token dropped to 1.75%.

The daily candle for LUNA opened at a price of $94.86 and reached a daily high of $95.59 Furthermore, the daily low for the token stands at $93.98, while the price of 1 LUNA at the time of writing is $95.12.

LUNA price analysis for March 24 on the daily chart

LUNA price analysis for March 24 will discuss the 4 indicators on the daily chart which are very crucial for the price action.

Source: TradingView

The MACD indicator shows that the MACD line continues below the signal line with chances of a bullish divergence high as the two lines are coming close. 

The RSI indicator reads a value of 59.14 which means that the bulls are still in control over all of the price action of LUNA while the gradient of the line suggests that prices might remain sluggish.

The price action is situated in the upper end of the Bollinger Bands which means that the bulls are bringing the fight to the bears. 

Conclusion

The LUNA price analysis for March 24, 2022, ends on a sluggish note for the token as $96 acts as a major resistance, which bulls are unable to penetrate.