LUNA nears the $100 price region as investors start to worry

LUNA price analysis for April 8, 2022, comes on a bearish note for the token as we can see Terra retrace its steps towards the $100 price level. It can be confirmed that with the surge in selling pressure, we can expect the token to drop below the $100 price level. Currently, we noted a 2% price drop in the last 24 hours for the token. The LUNA price analysis for April 7, 2022, confirmed that the chances of the token making a move towards $100 are high.

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has surged by 25.72% in the last 24 hours, followed by a 7.94% drop in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.09107, and the Market Dominance of the token surged to 1.90%.

The daily candle for LUNA opened at a price of $108.02 and reached a daily high of $109.64. Furthermore, the daily low for the token stands at $106.39, while the price of 1 LUNA at the time of writing is $107.51.

LUNA price analysis for April 8 on the daily chart

LUNA price analysis for April 8 will take into account the data from the chart below, which consists of 3 of the biggest indicators in the TA space.

Source: TradingView

The RSI indicator confirms a value above the 55 mark which means that there are chances of higher prices in the coming days. However, for that, the $100 support needs to hold. 

The MACD indicator for LUNA confirms that the MACD line and the signal line are very close, as investors can expect a bearish divergence in the coming days for the token. 

The price action for the Terra token is currently retesting the middle zone of the Bollinger Bands, which, if it fails, might throw the prices below $100.

Conclusion

The LUNA price analysis for April 8, 2022, confirms that the token might lose $100 in the coming days following a surge in selling pressure.