LUNA up 41% in 7 days: $100 target isn’t far now

LUNA price analysis for Feb 28, 2022, confirms that the token has been following a bullish trajectory since last week and is up nearly 41% in the last seven days. This means that the entire market might witness Terra’s bullish streak to continue in 2022 as well. The Terra price analysis for Feb 25 noted that the token broke above the strong resistance of $60 after a very long time.

The data from CoinMarketCap shows that the trading volume of Terra surged 0.25%, while the market cap dropped 3.97% in the last 24 hours. Moreover, the Volume / Market Cap Ratio has a value of 0.1133, while the Market Dominance of the token rests at 1.57%. Furthermore, the LUNA token is ranked 9th in the crypto space. 

The daily candle for LUNA opened at a price of $72.57 and reached a daily high of $74.33. It seems that the resistance of the token now exists at the $75-$80 price region. Furthermore, the daily low for today stands at $70.78, while the price of 1 LUNA at the time of writing is $71.47. 

LUNA price analysis on the daily chart for Feb 28

LUNA price analysis for Feb 28, 2022, can be confirmed on a bearish note, but in the longer run, this is just a cool-off period after rising by 41% in the last seven days.

Source: TradingView

The RSI line shows that the token was overbought a while ago but now is back in the bullish zone and reads 62.17. The gradient of RSI is negative, meaning lower prices are possible. 

The MACD indicator shows that the MACD line continues above the signal line, which means that the bulls are in charge. 

The price action broke out from the upper end of the Bollinger Bands, and if the situation remains the same, we might see the uptrend continue. 

Conclusion

LUNA price analysis for Feb 28, 2022, can be ended on a bullish note if the $70 acts as strong support and Terra makes a move towards $75.