LUNA price analysis: Terra stuck below $60 resistance

LUNA price analysis for Feb 8, 2022, shows that the resistance of $60 seems like a strong wall for the bulls. The token hasn’t been able to break into the $60 price zone. As seen in our LUNA price analysis for Feb 7, 2022, $60 is an important price zone for LUNA. The platform has failed to keep up with other bullish tokens in the market like Ripple, which has surged more than 20%, as per our Ripple price analysis for Feb 8.

The token hasn’t seen the same level of bullishness as other tokens in the market. Meanwhile, Bitcoin has been progressing at a very quick pace and is now testing the $45k price zone, as per our Bitcoin price analysis for Feb 8. LUNA has now fallen to the 9th position in the market, and if bullish don’t keep up their pace, Terra might fall out of the top 10. 

The data from CoinMarketCap shows that the trading volume of LUNA surged 38.35% in the last 24 hours, followed by a 3.50% surge in the market cap. The Volume / Market Cap Ratio for LUNA stands at 0.08767, while the Market Dominance of the token has fallen to 1.16%.  

As per our LUNA price analysis, the daily candle opened at a price of $59.4 and reached a daily high of $59.89, followed by a daily low of $58.04.

LUNA price analysis on the daily chart

LUNA price analysis on the daily chart below shows that the token is aiming to test the middle zone of the Bollinger Bands, and if successful, the next aim is to test the upper end of the Bands.

Source: TradingView

The MACD line broke above the signal line, confirming a bullish divergence which means that higher prices are in store for LUNA.

Source: TradingView

Conclusion

LUNA price analysis for Feb 8 is concluded on a bullish note but, it is also important to note that other altcoins have been performing better.