LUNA falls below $110 as another fall towards $100 is possible

LUNA price analysis for April 7, 2022, comes on a bearish note for the Terra Foundation’s token as it has seen a huge drop in the last few days following a surge in buying pressure and it seems that the bears are now taking advantage of the lack of buying volume in the crypto space. It is also important to note that as per our LUNA analysis for April 6, 2022, the token saw a surge in prices but was unable to consolidate above $118.

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has surged by 25.72% in the last 24 hours, followed by a 7.94% drop in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.09107, and the Market Dominance of the token surged to 1.90%.

The daily candle for LUNA opened at a price of $108.02 and reached a daily high of $109.64. Furthermore, the daily low for the token stands at $106.39, while the price of 1 LUNA at the time of writing is $107.51.

LUNA price analysis for April 7 on the daily chart

LUNA price analysis for April 7 will consider the details represented by the chart below which includes 3 of the biggest indicators on the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line have come very close to each other as chances of a bearish divergence seem quite high.

The RSI indicator reads a value above 57, which confirms a surge in buying pressure for the token as chances of losing breaking above the $110 price region seem quite low for LUNA.

The price action for LUNA is situated in the upper end of the Bollinger Bands, but a retracement towards lower prices is possible in the coming days.

Conclusion

LUNA price analysis for April 7, 2022, ends on a bearish note for the token as investors can expect a retracement towards $100.