LUNA up nearly 5% this week, Terra HODLers remain bullish on the token

Terra (LUNA) price analysis on the daily candle for Feb 16 shows that LUNA has made its third consecutive bullish candle on the daily chart
Terra (LUNA) price analysis on the daily candle for Feb 16 shows that LUNA has made its third consecutive bullish candle on the daily chart

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Terra (LUNA) price analysis on the daily candle for Feb 16, 2022, shows that the token has made its third consecutive bullish candle on the daily chart as the indicators are once again turning bullish. Moreover, as per our Terra price analysis for Feb 15, 2022, the token had spiked above the $55 price level, which is an important area of support. 

The data from CoinMarketCap shows that the trading volume of the token declined by 25.21% in the last 24 hours, followed by a 2.44% rise in the market cap. The Market Dominance of the token stands at 1.15%, while the Volume / Market Cap Ratio of LUNA has a value of 0.04254. 

The daily candle for the token opened at a price of $56.84, followed by a daily high of $58.28. The daily low for the token stands at $55.62, while the price of 1 LUNA at the time of writing is $57.74. It is also important to note that the token is 44.36% low from its all-time high at the time of writing.

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LUNA price analysis on the daily chart

LUNA price analysis on the chart below shows that the RSI is about to enter the bullish region with a slightly positive gradient. We can witness higher prices in the near future.

LUNA price analysis
Source: TradingView

The MACD indicator on the chart below shows that the MACD line (blue) continues to progress above the signal line (orange), which means that the bulls are in charge of the price action.

LUNA price analysis
Source: TradingView

The price action on the chart below shows that the bulls are retesting the upper end of the Bollinger Bands, and a breakout might lead LUNA towards the $60 price level.

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LUNA price analysis
Source: TradingView

Conclusion

As seen in our LUNA price analysis for Feb 16, 2022, most of the indicators have turned bullish, and there is a huge chance that investors might witness Terra break out of the $60 price resistance soon. TheCoinRise is bullish on the token.

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