LUNA finds minor support at $88: Which direction will Terra breakout?

LUNA price analysis for March 17, 2022, continues on a bearish note for the token as the popular cryptocurrency has found a minor support at the $88 price level. It can be expected that the chances of the token turning bullish in the near future are high as it is just 15.14% low from its all-time high while other tokens are more than 50% low than their all-time highs. As noted in our Terra price analysis for March 16, the $90 price level now acts as a major resistance for the token.  

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has dropped by 21.29% in the last 24 hours, followed by a 0.88% rise in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.07758, and the Market Dominance of the token dropped to 1.79%.

The daily candle for LUNA opened at a price of $89.16 and reached a daily high of $89.37. Furthermore, the daily low for the token stands at $87.11, while the price of 1 LUNA at the time of writing is $88.72.

LUNA price analysis for March 17 on the daily chart

LUNA price analysis for March 17 will take into consideration a number of indicators that can be seen on the chart below.

Source: TradingView

The MACD indicator shows that the MACD line has dropped below the signal line which means that the token is experiencing a bearish condition. The MACD histogram has also turned red.

The RSI indicator reads a value of 55.99 which means that bulls are still in control and the RSI line is now making lower lows. This seems to be a cool-down phase for LUNA.

Moreover, the price action for LUNA is just above the middle zone of the Bollinger Bands as selling pressure has increased.

Conclusion

LUNA price analysis for March 17 confirms that the chances of Terra turning bearish seem to be quite high, as per the indicators.