LUNA breaks above $95 as market remains in a bullish state

LUNA price analysis for March 28, 2022, confirms that the token has turned bullish in the last 24 hours followed by a nearly 6% price surge in the last 24 hours. It is important to note that the chances of Terra reaching $100 in the near future are high and we might witness a further surge in prices, also noted in our LUNA price analysis for March 25. It is important to note that Terra has dropped to the 9th position in the market.

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has risen by 34.41% in the last 24 hours, followed by a 5.13% surge in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.03853, and the Market Dominance of the token dropped to 1.61%.

The daily candle for LUNA opened at a price of $94.11 and reached a daily high of $96.55. Furthermore, the daily low for the token stands at $92.90, while the price of 1 LUNA at the time of writing is $95.92.

LUNA price analysis for March 28 on the daily chart

LUNA price analysis for March 28 will embrace the readings from the indicators embedded in the daily chart below.

Source: TradingView

The MACD indicator shows that the MACD line is below the signal line but the distance between the two is reducing as chances of a bullish divergence seem quite high. 

The RSI indicator reads a value of 59 which means that the buying pressure is certainly high for the token and chances of an increase in prices seem high. 

Moreover, the price action is situated in the upper end of the Bollinger Bands which means that LUNA might soon break out of the upper end of the bulls remain in control.

Conclusion

LUNA price analysis for March 28, 2022, ends on a bullish note for the token as chances of the token reclaiming $100 seem high.