LUNA drops 9% after a failed attempt at breaching $60: Buy and HODL?

LUNA price analysis for Feb 24, 2022, comes at a bearish pace for investors as the token has dropped by more than 9% in the last 24 hours following a failed attempt to breach the $60 price resistance. Moreover, as our Terra price analysis for Feb 23, the token needs to reclaim $60 in order to confirm an uptrend. 

The data from CoinMarketCap shows that the trading volume of the token surged 90.65% in the last 24 hours, followed by a 9.61% drop in the market cap. The Market Dominance of the token currently rests at 1.27%, while the Volume / Market Cap Ratio has a value of 0.217. 

The daily candle for LUNA opened at a price of $59.59, just below the resistance of $60, and reached a daily high of $60.40. On the other hand, the daily low of the token stands at $50.25. The price of 1 Terra token at the time of writing stands at $50.88. 

LUNA price analysis for Feb 24 on the daily chart

LUNA price analysis for Feb 24, 2022, can be confirmed on a bullish note for the Ethereum Layer 2 solution based on 3 major indicators on the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line (blue) remains above the signal line (orange), which means that the bulls are still in control. The MACD histogram is still bullish with green bars. 

The RSI line shows a value of 44.38, while the gradient of the line is sharply negative. Moreover, this means that lower prices might follow in the near future as the selling pressure is very high. 

The price action failed to break out from the upper end of the Bollinger Bands and as a result, the token is now retesting the lower end of the Bands.  

Conclusion

The entire crypto market has been bearish in the last 24 hours and it seems that LUNA might remain bearish until the $60 price level is not reclaimed. The $50 currently holds as support.