LUNA all set to lose $93 as chances of breaking $96 remain bleak

LUNA price analysis for March 23, 2022, confirms that the token has turned a little bearish after finding resistance at the $96 price level. Moreover, the chances of the token turning bullish seem low for today as per our analysis. As noted in our LUNA price analysis for March 22, 2022, the token was replaced by Ripple for the 6th position and now, Terra is the 7th biggest token in the crypto space. 

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has dropped 36.59% in the last 24 hours, followed by a 2.63% decrease in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.05315, and the Market Dominance of the token dropped to 1.76%.

The daily candle for LUNA opened at a price of $93.05 and reached a daily high of $93.88. Furthermore, the daily low for the token stands at $92.35, while the price of 1 LUNA at the time of writing is $93.13.

LUNA price analysis for March 23 on the daily chart

LUNA price analysis for March 23, 2022, will take into account the readings from 3 of the most crucial indicators on the daily chart below.

Source: TradingView

The MACD indicator shows that the signal line is very close to the MACD line which means that chances of witnessing a bullish divergence on the daily chart are turning higher. 

The RSI indicator reads a value of 57.65, hinting that the bulls are in charge of the price action. The gradient of the line suggests that lower prices will follow today. 

The price action for LUNA is situated in the upper end of the Bollinger Bands which means that the buying pressure for the token is still quite high. 

Conclusion

The LUNA price analysis for March 23, 2022, ends on a bearish note for the token as chances of breaking $96 price resistance are too low.