LUNA price analysis: Terra below $55, $53.5 vital support

LUNA price analysis on the daily chart for February 6 shows that after making its third bullish candle on the daily chart for February 5, the token has fallen below $55. The price of LUNA at the time of writing stands for $54.63, and the current rank of the token stands at 9. The nearest competitor of the token is Polkadot which is also experiencing a sluggish movement, as per our Polkadot price analysis for February 6. 

The data from CoinMarketCap shows that the trading volume for LUNA dropped 40.90% in the last 24 hours, followed by a 2.71% drop in the market cap. The market dominance for LUNA stands at 1.15%, while the volume/market cap ratio stands at 0.06546. The circulating supply of Terra stands at 400,915,705 LUNA.

The daily candle for LUNA, as per our LUNA price analysis, opened at the price of $55.36 and reached a daily high of $57.21. On the other hand, the daily low for the token stands at $54.5. Furthermore, the price of 1 LUNA at the time of writing stands at $54.63. It is also important to note that $50 stands as important support, as per our LUNA price analysis for February 4, 2022.

LUNA price analysis on the daily chart

The LUNA price analysis on the daily timeframe below shows that the 9th biggest cryptocurrency is facing competition from Ripple, as XRP nears $0.7 price resistance, as per our Ripple price analysis for February 6.

Moreover, the RSI line shows that the selling pressure for LUNA is defeating the buying pressure, and lower prices are possible.

Source: TradingView

The Accumulation/Distribution line for LUNA shows a slight negative trend for LUNA, which means that lower prices are possible for the token.

Source: TradingView

Conclusion

To conclude our LUNA price analysis for February 6, it can be said that the token has made up for the lost prices that traders witnessed on January 30, 2022, as TheCoinRise reported. As per the LUNA price analysis for January 30, the token dipped below $50, and now, the nearest resistance zone stands in between $55-$57.