LUNA returns to $100 price region: What to expect?

LUNA price analysis for April 1, 2022, confirms that the token which made a new all-time high recently has turned bearish and fell to the nearest support at the $100 price region. Moreover, the chances of the token making a move towards the $120 price region in the near future seem low for now. We also noted in our LUNA price analysis for March 31, 2022, that the token ended the month on a bullish note, making an ATH at 111 USD.

It is also important to note that data from CoinMarketCap shows that the trading volume for LUNA has dropped by 6.27% in the last 24 hours, followed by a 6.44% drop in the Market Cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.06477, and the Market Dominance of the token dropped to 1.74%.

The daily candle for LUNA opened at a price of $101.02 and reached a daily high of $104.14. Furthermore, the daily low for the token stands at $98.51, while the price of 1 LUNA at the time of writing is $100.21.

LUNA price analysis for April 1 on the daily chart

LUNA price analysis for April 1 will discuss the possibility of higher prices in the coming future for the token.

Source: TradingView

The RSI indicator reads a value above 58 which means that the chances of losing the $100 price zone are high as the bears are increasing their dominance. The gradient of the line also suggests that lower prices will follow. 

The MACD indicator shows that the MACD line and the signal line are close and we might see a bearish divergence take place in the coming days. 

The price action for LUNA is situated in the upper end of the Bollinger Bands while the chances of retesting the middle zone seem high.

Conclusion

LUNA price analysis for April 1 concludes that the token will lose the $100 price level if similar price action continues.