LUNA falls more than 7% to $90 as the token fails to break $95 resistance

LUNA price analysis for March 16, 2022, confirms that the popular and one of the most bullish tokens in the crypto space has fallen nearly 7% in the last 24 hours after a huge surge in selling volume. Moreover, as noted in our Terra price analysis for March 15, 2022, the $95 price level is a major resistance for the cryptocurrency in its path towards its all-time high which was reported in our analysis of March 11, 2022.

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has dropped by 22.51% in the last 24 hours, followed by a 7.76% drop in Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.08484, and the Market Dominance of the token dropped to 1.85%.

The daily candle for LUNA opened at a price of $88.49 and reached a daily high of $89.22. Furthermore, the daily low for the token stands at $86.89, while the price of 1 LUNA at the time of writing is $87.39.

LUNA price analysis for March 16 on the daily chart

LUNA price analysis for March 16 will be discussed using 3 major indicators on the daily chart below.

Source: TradingView

The MACD indicator shows that the signal line has clearly dropped below the MACD line which confirms a bearish divergence and that lower prices will follow in the near future.

The RSI is still bullish and reads 55.05 but the chances of LUNA making another all-time high this month are quite low. The gradient of the line has also turned negative which means lower prices are definitely possible.

It is also important to note that the price action is currently retesting the middle zone of the Bollinger Bands which means that sooner or later, we might witness LUNA entering the bearish zone.

Conclusion

LUNA price analysis for March 16, 2022, confirms that the token is turning bearish as the resistance of $95 prevails every time.