LUNA remains above $50 support: Traders should wait before investing

LUNA price analysis for Feb 21, 2022, can be introduced on an optimistic note for the token as the important price level of $50 holds as support for the entire price action. On the other hand, it is important to note that as per our LUNA price analysis for Feb 18, the $50 price level has been a huge support for the price action. The plan should be to see if Terra moves upwards from here. 

The data from CoinMarketCap shows that the token saw a 27.10% surge in the trading volume, followed by a 1.52% surge in the market cap. Moreover, the Market Dominance of the token rests at 1.11% while the Volume / Market Cap Ratio currently stands at a value of 0.05833. 

The daily candle for LUNA opened at a price of $49.32 and then, reached a daily high of $51.32. The bulls were unable to maintain prices above $51 and as a result, LUNA fell to the daily low of $49.16. At the time of writing, the price of 1 Terra stands at $50.55. 

LUNA price analysis on the daily chart for Feb 21

LUNA price analysis for Feb 21 will be implemented using 3 major indicators on a daily timeframe.

Source: TradingView

The MACD indicator shows that the MACD line (blue) is still above the signal line (orange) but, both the lines are very close and if the former breaks below the latter, we will witness a bearish divergence, causing a fall in prices. 

The RSI indicator shows a small positive spike in gradient for today, hinting that higher prices are possible for today. But, investors are advised to expect a very bullish movement from LUNA.

The price action has dropped to the lower end of the Bollinger Bands and if selling pressure surges, we might see a breakout from the lower end of the Bands. 

Conclusion

LUNA price analysis for Feb 21, 2022, can be concluded on a slightly bullish note but, there is very little chance that $50 will hold.