LUNA price analysis: LUNA finds resistance at $58

LUNA price analysis on the daily chart for Feb 9, 2022, shows that the token is stuck below its important resistance of $58 and is not able to get into the $60 zone. Moreover, as per our LUNA price analysis for Feb 8, 2022, $60 has been a strong resistance point for Terra (LUNA).

On the other hand, Bitcoin and Ethereum, the top two cryptocurrencies in the crypto space have also found themselves stuck below their major resistances, as seen in our Bitcoin price analysis and Ethereum price analysis for Feb 9, 2022. Bitcoin and Ethereum are considered safe bets for investors as recently, the Canadian division of the professional services network KPMG has added Bitcoin (BTC) and Ether (ETH) to its company treasury.

The data from CoinMarketCap shows that LUNA is currently the 9th biggest cryptocurrency in the market with an 8% price surge in the market in the last 7 days. It is also important to note that the trading volume for LUNA dropped 33.24% in the last 24 hours followed by a 1.25% surge in the market cap.

The daily candle for LUNA started the day at a price of $57.26 and went as high as $57.82. However, the bulls were unable to push through as LUNA fell down to a daily low of $54.26. The price of 1 LUNA at the time of writing is $56.8.

LUNA price analysis on the daily chart

LUNA price analysis on the daily chart below shows that the token failed to breach the middle zone of the Bollinger Bands which means that lower prices are possible.

Source: TradingView

The token is still below the 50-day and 100-day Moving Averages which act as key resistances to the price action.

Source: TradingView

Conclusion

Our LUNA price analysis for Feb 9, 2022 is concluded on a bearish note since the token hasn’t seen much growth in the past few days. LUNA requires a breakout from $60 and bulls might make a move in the coming days.