LUNA rebouds swiftly from $75: Bulls aim for $90 price level

LUNA price analysis for March 8, 2022, confirms that the token has turned bullish with a surge in buying pressure. The token has risen by more than 3% in the last 24 hours. It is also important to note that the Terra token rebounded swiftly from the $75 price level, turning bullish. The analysis for Terra for March 7 witnessed LUNA drop below $80 but now, the token aims to turn this region into support. 

Moreover, the data from CoinMarketCap shows that the trading volume for LUNA has risen by around 9.92% in the last 24 hours, followed by an increase of nearly 3% in Market Cap at the same time. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.1079, followed by a Market Dominance of 1.70%.

The daily candle for LUNA opened at a price of $77.78 and reached a daily high of $81. It can be seen that a major resistance for the token stands above $80. Furthermore, the daily low for today stands at $77.28, while the price of 1 LUNA at the time of writing is $80.31.

LUNA price analysis for March 8 on the daily chart

LUNA price analysis for March 8 shows that the blockchain-based token aims to turn bullish as per the indicators.

Source: TradingView

The MACD indicator shows that the MACD line is touching the RSI line which means that the bulls might get slain if the former drops below the latter. 

The RSI line reads a value of 57.41 which means that the token is still in the bullish zone on the daily chart while the gradient of the line has also turned a little positive for today. 

The price action is still situated in the upper end of the Bollinger Bands which means that the bulls are fighting back to drive the bears out of the market. 

Conclusion

If the LUNA bulls continue to fight back, we can expect the token to reclaim $90 as per the indicators on our LUNA price analysis for March 8.