LUNA price analysis: Terra breaks $57, makes 3rd bullish candle

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LUNA price analysis for Feb 5 might bring a smile to many faces as the token is now aiming to enter the $60 price level. After the rise of Bitcoin to $41.5K, as per our Bitcoin price analysis for Feb 5, the entire market has been extremely bullish. The nearest competitors to LUNA, XRP, and DOT have also risen in double-digit percentages, as seen in our Polkadot price analysis and Ripple price analysis for Feb 5.

The data from CoinMarket backs our bullish prediction for LUNA. The token, which has performed extremely well in recent days, is 44.02% low from its all-time high. Furthermore, the trading volume for LUNA rose by nearly 26.37% in the past 24 hours, followed by an 11.99% rise in the market cap. 

The daily candle for Feb 5 began at a price of $53.93 and reached a daily high of $58.15. Moreover, the daily low for LUNA stands at a price of $53.42. As per our Terra price analysis for Feb 4, the token broke above $50 and, since then, has been following a bullish upwards trajectory. 

Moreover, our LUNA price analysis is bullish for the long term despite the involvement of Terraform Labs with the SEC. This is because TheCoinRise recently reported that Chiron Partners is launching a $50 million fund to boost the Terra ecosystem.

LUNA price analysis on the daily chart

LUNA price analysis on the chart below shows that the token is now aiming for the mid-range of the Bollinger Bands. Once the token breaks above this range, LUNA’s price trajectory would be under the influence of the bulls. 

LUNA price analysis

Source: TradingView

The MACD indicator on the chart below confirms a bullish divergence for LUNA as the MACD line (blue) broke above the signal line (orange) since the buying volume has surged.

LUNA price analysis

Source: TradingView

Conclusion

Our LUNA price analysis is concluded on a bullish note following acceptance from a number of investors. Investors can expect a price movement towards $70 in the near future.

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