LUNA hits another all-time high at $111: What’s next?

LUNA price analysis for March 31, 2022, begins on a bullish note for today as chances of Terra making another all-time high in the near future are quite high. It is also important to note that soon, the token will make a move towards another all-time high as chances of Terra breaking into the $120 price region seem very high. As predicted by our LUNA price analysis for March 30, 2022, the token did reclaim the previous ATH and made a new all-time high at $111.

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has dropped by 31.62% in the last 24 hours, followed by a 0.01% surge in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.06401, and the Market Dominance of the token surged to 1.77%.

The daily candle for LUNA opened at a price of $106.05 and reached a daily high of $108.29. Furthermore, the daily low for the token stands at $105.62, while the price of 1 LUNA at the time of writing is $107.33.

LUNA price analysis for March 31 on the daily chart

LUNA price analysis for March 31 will take into account the data from the daily chart below which has 3 major indicators embedded in it. 

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are moving apart as traders witnessed a bullish divergence on the daily chart and the MACD histogram also turned bullish.

The RSI indicator reads a value above 65 for LUNA which means that the buying pressure is still very high as chances of DOT breaking out of $111 seem quite high for the time being.

The price action is situated in the upper end of the Bollinger Bands which means that a bullish breakout can be expected from the token in the near future.

Conclusion

LUNA price analysis for March 31, 2022, ends on a bullish note with huge chances of Terra making an ATH above $111.