LUNA forms a 2nd bearish candle as indicators fight for $85 price level

LUNA price analysis for March 18, 2022, confirms that one of the most bullish tokens in the crypto space has gradually turned bullish and is now 17.81% low from its all-time high. However, it is important to note that this is not a bearish time for the token. Rather, it is just a cooldown phase after a huge surge in prices. Moreover, the LUNA price analysis for March 17 showed that the minor support at $88 was broken.

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has dropped by 30.51% in the last 24 hours, followed by a 3.09% drop in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.05729, and the Market Dominance of the token dropped to 1.73%.

The daily candle for LUNA opened at a price of $86.84 and reached a daily high of $86.85. Furthermore, the daily low for the token stands at $84.21, while the price of 1 LUNA at the time of writing is $85.20.

LUNA price analysis for March 18 on the daily chart

The LUNA price analysis will predict the future scenario for the token based on the readings from the following indicators.

Source: TradingView

The MACD indicator shows that the MACD line has broken below the signal line which confirms a bearish divergence of the token. The MACD histogram is also bearish.

The RSI indicator shows a value of 53.01 while the gradient of the line is negative for the token. This means that the chances of LUNA losing $85 support are low.

The price action has dropped in the bearish region and the chances of a bearish breakout from the lower end of the Bands are quite high.   

Conclusion

LUNA price analysis for March 18 confirms that the chances of Terra losing the $85 support might be quite high as bears remain in control of the price action.