LUNA nears $60 resistance: Will Terra break $60?

LUNA price analysis for Feb 23, 2022, confirms that the token is nearing a long-time price resistance of $60. This price level has been resistance for the token, as seen in our Terra price analysis for Feb 17, 2022. It can be said that in the near future, the token might once again reach the all-time high of 103 witnessed on Dec 27, 2021. The token is currently nearly 43% low from ATH.

The data from CoinMarketCap shows that the trading volume of the token declined 23.76% in the last 24 hours, followed by a 12.31% surge in the market cap in the last 24 hours. Moreover, the price change in the same duration was 14.14%. The Market Dominance of the token is 1.29% while the Volume / Market Cap Ratio of the token stands at 0.08238. 

The daily candle for the token opened at a price of $54.74 and reached a daily high of $60.25 which is a major resistance for prices. Moreover, the daily low for the token stands at a value of $54.54. The price of 1 LUNA at the time of writing is $59.60.

LUNA price analysis for Feb 23 on the daily chart

LUNA price analysis on the daily chart will be implemented using the following 3 major indicators as seen in the chart picture below.

Source: TradingView

The MACD indicator shows that the MACD line (blue) continues above the signal line (orange) which is a bullish indication of prices. 

The RIS indicator shows a value of 55.46 which means that bulls are in charge and the gradient of the line is positive which means that higher prices are possible in the near future. 

The price action for LUNA now aims to break out of the upper end of the Bollinger Bands, which means that the token might finally break out of the $60 price resistance. 

Conclusion

LUNA price analysis for Feb 23, 2022, can be concluded on a bullish note, but it is imperative to break $60 to confirm an uptrend.