LUNA turns bullish, back above $90: Next resistance at $95

The LUNA price analysis for March 9, 2022, confirms that the token has turned bullish following a sudden surge in buying pressure.
The LUNA price analysis for March 9, 2022, confirms that the token has turned bullish following a sudden surge in buying pressure.

LUNA price analysis for March 9, 2022, confirms that the token has turned bullish shooting up more than 17% in the last 24 hours, and is now back above the $90 price level. This bullish sentiment was predicted by TheCoinRise in our Terra price analysis for March 8, 2022, where we saw the token rebound sharply from the $75 price level. Moreover, it is also important to note that the token is nearing important resistance of the $95-$97 price zone. 

Moreover, the data from CoinMarketCap shows that the trading volume for LUNA has shot up by around 22.07% in the last 24 hours, followed by an increase of nearly 17.17% in Market Cap during the same duration. On the other hand, the Volume / Market Cap Ratio for LUNA stands at 0.1104, and the Market Dominance of the token surged to 1.91%.

The daily candle for LUNA opened at a price of $85.31 and reached a daily high of $93.95. Furthermore, the daily low for today stands at $84.87, while the price of 1 LUNA at the time of writing is $93.70.

LUNA price analysis for March 9 on the daily chart

LUNA price analysis for March 9 shows that the stablecoins platform continues to follow a bullish trajectory but we will also take a reading from 3 major indicators.

LUNA price analysis
Source: TradingView

The MACD indicator confirms that the signal line continues below the MACD line which means that chances of LUNA dropping further are high. The MACD histogram is also bullish with green bars.

The RSI line shows that the gradient of the line is sharply positive with a value of 65.5. The token is nearing the oversold level and higher prices might follow. 

The price action now once again aims to break out from the upper end of the Bollinger Bands which means that bulls are in control. 

Conclusion

The LUNA price analysis for March 9, 2022, confirms that the token has turned bullish following a sudden surge in buying pressure.

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