LUNA price analysis: Terra gears up for $60

LUNA price analysis for Feb 7, 2022, comes with a bullish outlook for investors, and the price level of $53.5 remains as constant support, also noted in our LUNA price analysis for Feb 7, 2022. Moreover, the nearest competitor for Terra (LUNA) is Polkadot which was also bullish and aims to form an uptrend on the daily chart, as per Polkadot price analysis for Feb 7.  

LUNA has witnessed a very interesting 2021 and broke into the top 10 list of cryptocurrencies by market cap as per a December report from TheCoinRise. Moreover, a venture capital firm operating out of Hong Kong, Chiron Partners, launched a $50 million fund for the development of Terra’s ecosystem. 

LUNA price analysis shows that the daily candle for LUNA opened at a price of $56 and reached a daily high of $58.69. However, the daily low for the token stands at a price of $54.34. It can be said that in the coming days, LUNA might attempt to break above the $60 level. 

The data from CoinMarketCap shows a 12.15% surge in the trading volume followed by a 3.13% surge in the market cap. The Volume / Market Cap Ratio stands at 0.07038, while the Market Dominance of Terra stands at 1.18%.

LUNA price analysis on the daily chart

LUNA price analysis on the daily chart shows that the MACD line (blue) has crossed above the signal line (orange), and a bullish divergence can be confirmed. Bulls are in control.

Source: TradingView

The A/D line shows that the accumulation of LUNA is gradually beginning as investors are dipping their hands into altcoins. Investors can expect higher prices in the coming days.

Source: TradingView

Conclusion

LUNA breaking above $50 was an important move for the token. However, the important target for LUNA is breaking above $70 and making its way to the all-time high that investors witnessed on Dec 27, 2021. The past week has been quite bullish for the crypto market, as seen in our crypto market weekly report.