LUNA price analysis: Terra remains bearish as volume drops

LUNA price analysis on the daily chart shows that the token is bearish and is fighting for its position in the top 10 cryptocurrencies in the market. Moreover, the token has seen a 45.80% from its all-time high which stands at 103 USD and was witnessed on Dec 27, 2021. On the other hand, its nearest competitor is Solana which still outperforms LUNA in terms of market cap, as seen in our Solana price analysis for Feb 10, 2022.

As seen in our LUNA price analysis for Feb 9, 2022, the token found resistance at a price of $58 and was unable to push through the same. As a result, LUNA fell down to the nearest support of $55 and has since then, seen a drop of 2.6% on today’s daily candle. Another vital support for the token stands at $53.5, as seen in our LUNA price analysis for Feb 6, 2022.

Furthermore, the data from CoinMarketCap shows that the trading volume for LUNA has  dropped 23.88% in the last 24 hours followed by a 1.17% surge in the market cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.05874 followed by a Market Dominance of 1.12%.

LUNA price analysis on the daily chart

LUNA price analysis on the daily chart suggests that the token aimed to breach the middle zone of the Bollinger Bands. However, after a slight breach, the prices turned bearish.

Source: TradingView

The RSI line on the chart below shows that the token is still under the impression of bears and we might witness a further drop in prices soon as the gradient remains negative.

Source: TradingView

Conclusion

Our Terra price analysis for Feb 9, 2022 can be concluded on a bearish note for the day as the token now aims to reclaim $58 and aim for $60. It is also to be noted that LUNA is currently ranked 9th in the market but, there is a chance that investors might see a good performance in the coming days.