LUNA failed to break above $60 but, there’s still hope for Terra bulls

banner-image

LUNA prices have once again failed to breach the $60 price level, and it seems that the Terra bulls might’ve been losing their powers. As seen in our Terra price analysis for Feb 16, 2022, the token tried to break into the $60 price zone but failed to do it. It is important to note that the token currently ranks amongst the top 10 biggest cryptocurrencies in the market. 

The data from CoinMarketCap shows that the trading volume of the token dropped 6.55% in the last 24 hours, followed by a 0.79% drop in the market cap. Moreover, the Market Dominance of the token rests at 1.13%, while the Volume / Market Cap Ratio stands at a value of 0.04299. 

The daily candle for the token opened at a price of $56.05 and reached a daily high of $56.63. Moreover, the daily low for the token stands at a value of $55.13. It is to be noted that at the time of writing, the price of 1 LUNA stands at $56.17, over a 45.93% low from its all-time high. 

LUNA price analysis on the daily chart for Feb 17, 2022

The LUNA price analysis for Feb 17, 2022, can be done using 3 major indicators on the daily chart.

LUNA price analysis

Source: TradingView

Firstly, the MACD indicator shows that the MACD line (blue) continues to progress above the signal line (orange), which confirms that overall, the bulls are in charge. The MACD histogram is also bullish with green bars. 

Secondly, the RSI level remains below the 50-mark, which means that the selling pressure has increased, and it is possible for LUNA to fall further on the daily chart. It is very important for the token to reclaim $60 in order to maintain its position in the top 10. 

The price action is once again retesting the middle zone of the Bollinger Bands, which means that LUNA might remain sluggish.

Conclusion

LUNA price analysis for Feb 17, 2022, can be concluded on a sluggish note for investors. TheCoinRise advises investors to buy and HODL.