LUNA stays strong at $92 support: What to expect from the bulls?

LUNA price analysis for March 4, 2022, confirms that the token has turned bearish, and after much of trying to retain $92, the token has broken below this important support as selling volume surged. However, it is to be noted that the token is once again back above $92, and it seems that this price level might hold as support, also noted in our LUNA price analysis for March 3, 2022.

Furthermore, the data from CoinMarketCap shows that the trading volume for LUNA has dropped 18.32% in the last 24 hours, followed by a 1.14% drop in the market cap. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.102, followed by a Market Dominance of 1.89%.

The daily candle for LUNA opened at a price of $90.52 and reached a daily high of $93.51. It can be seen that the resistance of the token exists around the $95 price region. Furthermore, the daily low for today stands at $86.62, while the price of 1 LUNA at the time of writing is $92.09. 

LUNA price analysis for March 4 on the daily chart

LUNA price analysis for March 4 has obtained a bearish outlook for today, but LUNA is one of the best performing altcoins in recent days.

Source: TradingView

The MACD indicator shows that the MACD line remains above the signal line, which means that the bulls are in control. The MACD indicator is also bullish in nature. 

The RSI line has a value of 71.94 which means that the demand for the token is very high. Moreover, the chances of the token achieving a new all-time high this year are quite high. 

The price action broke out from the upper end of the Bollinger Bands and remained in the upper region. Higher prices will follow. 

Conclusion

The LUNA price analysis for March 4 ends on a bearish note for the token; however, it is a very good investment being only 10.46% from the all-time high.