LUNA bulls find strong resistance at $96 and drops to 7th position

LUNA price analysis for March 22, 2022, comes on a slightly sluggish analysis for the token as it has failed to break above the strong resistance of $96 and was replaced by Ripple as the 6th biggest cryptocurrency in the market, as noted in our Ripple price analysis for March 22, 2022. Moreover, we also noted in our LUNA price analysis for March 21, 2022, that LUNA is currently experiencing a cool-off phase after huge gains in the past few weeks.

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has surged 33.73% in the last 24 hours, followed by a 0.96% increase in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.08162, and the Market Dominance of the token dropped to 1.80%.

The daily candle for LUNA opened at a price of $95.76 and reached a daily high of $96.51. Furthermore, the daily low for the token stands at $93.94, while the price of 1 LUNA at the time of writing is $94.99.

LUNA price analysis for March 22 on the daily chart

LUNA price analysis for March 22 considers 3 magical indicators on the daily chart which are capable of revealing future possibilities for the token.

Source: TradingView

The MACD indicator shows that the signal line is above the MACD line but the latter is nearly ready to break above the former line which would confirm a bullish divergence.

The RSI line indicators that the chances of LUNA breaking above $96 seem to be low as the gradient of the line suggests sluggish behavior and the RSI reads a value of 59.52.

The price action of Terra is situated in the upper end of the Bollinger Bands which means that chances of a bullish breakout are high. But this is only possible if the token makes a move towards $100.

Conclusion

The LUNA price analysis for March 22 confirms that the token has found strong resistance at $96 and chances of making a move towards $100 are low.