LUNA revolves around $92 support: $100 isn’t too far off

LUNA price analysis for March 3 comes on a bearish note for the token, although it is also important to note that the token is just 10.70% off from its all-time high that was witnessed on December 27, 2021, at $103.3. Moreover, the token is 76720.90%, up from its all-time low that was witnessed on March 13, 2020. As noted in our LUNA price analysis for March 2, at this rate, the token will form a new ATH this year.

The data from CoinMarketCap shows that the trading volume of Terra dropped 20.53%, while the market cap of the token dropped 0.90% in the last 24 hours. Moreover, the Volume / Market Cap Ratio has a value of 0.1188, while the Market Dominance of the token rests at 1.81%. 

The daily candle for LUNA opened at a price of $92.30 and reached a daily high of $93.90. It can be seen that the resistance of the token exists around the $100 price region. Furthermore, the daily low for today stands at $90.64, while the price of 1 LUNA at the time of writing is $92.51. 

LUNA price analysis for March 3 on the daily chart

LUNA price analysis for March 3 can be confirmed on a bearish note, but it is one of the best performing altcoins in recent days.

Source: TradingView

The MACD indicator shows that the MACD line has surged past the signal line, which means that the bulls are in control. The MACD histogram is also bullish. 

The RSI line shows that the token is being overbought and reads a value of 73.48. It is also important to note that the gradient of the line is slightly positive for today. 

The price action continues its breakout from the upper end of the Bollinger Bands, which means that higher prices will follow. 

Conclusion

The LUNA price analysis for March 3, 2022, can be confirmed on a bearish note as $100 is an important resistance for the token.