LUNA drops below $80 after bleeding 10% in 24 hours: What’s next?

LUNA price analysis for March 7, 2022, confirms that the token remains bearish after falling nearly 10% in the last 24 hours. It is also important to note that the token has lost support above $80 and is now below $80. As noted in our LUNA price analysis for March 4, 2022, the Terra project is one of the best performing protocols in the entire crypto space but formed a downtrend after losing $92.

Moreover, the data from CoinMarketCap shows that the trading volume for LUNA has shot up nearly 7% in the last 24 hours, followed by a 9.37% drop in the market cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.09756, followed by a Market Dominance of 1.70%.

The daily candle for LUNA opened at a price of $79.25 and reached a daily high of $80.50. It can be seen that the resistance of the token exists around the $87 price region. Furthermore, the daily low for today stands at $78.34, while the price of 1 LUNA at the time of writing is $78.75. 

LUNA price analysis for March 7 on the daily chart

LUNA price analysis for March 7 shows that the token might continue its downtrend, with the investors wondering if the bear market has arrived.

Source: TradingView

The MACD indicator shows that the MACD line is quite near the signal line, which means that a bearish divergence might be witnessed if the token loses prices below $75.

The RSI line has a value of 56.41 which means that lower prices are possible with selling pressure being very high for the token. The gradient of the line is also negative, hinting that LUNA might revisit $75.

The price action is currently situated in the upper end of the Bollinger Bands. However, the LUNA action is falling rapidly and might test the middle zone before falling lower.

Conclusion

LUNA price analysis ends on a bearish note for today as chances of Terra dipping below $78 are very high as per the indicators.