LUNA drops to $93 support as 5th consecutive bullish weekly candle nears end

LUNA price analysis for March 25, 2022, confirms that the token has turned bullish in the last 7 days as this week’s weekly candle is about to end. The candle is up 3% whiles prices have dropped to the $93 price resistance. Moreover, the LUNA price analysis for March 24, 2022, confirmed that the resistance at $96 was quite strong for the token to break above while the minor support at $93 failed to prevail.

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has risen by 10.00% in the last 24 hours, followed by a 1.68% decrease in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.05817, and the Market Dominance of the token dropped to 1.68%. It is important to note that Terra has dropped to the 8th position in the market.

The daily candle for LUNA opened at a price of $93.64 and reached a daily high of $94.41. Furthermore, the daily low for the token stands at $92.73, while the price of 1 LUNA at the time of writing is $93.34.

LUNA price analysis for March 25 on the daily chart

LUNA price analysis for March 25 will note the readings from the following 3 indicators displayed on the daily chart. 

Source: TradingView

The MACD indicator shows that the signal line and the MACD line are very close to each other as bears regain control.

The RSI indicator shows a value above 57 which means that the LUNA demand is still in great demand among investors. The gradient of the line suggests that prices will remain sluggish as volume remains low.

The price action failed to breakout from the upper end of the Bollinger Bands which means that the trading volume has decreased.

Conclusion

LUNA price analysis for March 25, 2022, ends on a bearish note for the token as chances of LUNA losing $93 seem moderate.