LUNA drops below $55, the right time to buy might’ve arrived

LUNA price analysis for Feb 11, 2022, begins at a bearish note for the token, which has suffered a drop of more than 5% in the last 24 hours as Bitcoin, the world’s biggest cryptocurrency, was unable to break the resistance at $45K, as per our today’s BTC price analysis. It is important to note that altcoins follow BTC’s price movement.

The data from CoinMarketCap shows that the trading volume of LUNA surged 34.85% in the past 24 hours. Moreover, the market cap of the token crashed by 5.47% in the same duration. The Market Dominance for Terra stands at 1.1%, while the Volume / Market Cap Ratio stands at a value of 0.09705. 

The daily candle for today started at a price of $52.22 and reached a daily high of $54.32. However, the daily low for the token stands at a price of $50.87. It is important to note that the nearest resistance for LUNA rests in the $55-$57 price zone.

LUNA price analysis on the daily chart

LUNA price analysis on the daily chart can be confirmed on a bullish note for the long term. However, for today, the prices are sluggish. The token failed to break out of the middle zone of the Bollinger Bands, unable to push higher.

Source: TradingView

The MACD indicator on the chart below confirms that the MACD line (blue) continues to progress above the signal line (orange), which is a bullish scenario.

Source: TradingView

The RSI line has started to turn positive. However, LUNA is still under the influence of bears as the RSI reads 42.98. In order to confirm an uptrend, the token needs to break above the 50-mark.

Source: TradingView

Conclusion

LUNA price analysis on the daily chart can be concluded on a bearish note for the token. However, this might be the best time to buy the token at low prices as Terra is currently 47.59% low from the all-time high.