Terra (LUNA) spiked rapidly from $51 support, and it seems that the next resistance level for LUNA stands at $58. As seen in our Terra price analysis for Feb 14, 2022, the token has shot up from $51, and it seems that higher prices are possible. TheCoinRise is certainly bullish on Terra, which is the 9th biggest cryptocurrency in the crypto market.
The data from CoinMarketCap shows that the trading volume of the token surged 34.76% while the market cap of the token surged 5.14%. The Market Dominance of the token is at 1.13%, while the Volume / Market Cap Ratio stands at a value of 0.05605. The bulls seemed to have taken charge once more.
The daily candle for the token opened at a price of $53.8 and reached a daily high of $55.73. Meanwhile, the daily low for the token stands at $53.76, while the price of 1 LUNA at the time of writing is $55.10.
LUNA price analysis on the daily chart
LUNA price analysis on the chart below shows that the token breached from the middle zone of the Bollinger Bands, which means that it is possible for prices to break out from the upper end of the Bands.
The MACD indicator shows that the MACD line (blue) continues to move above the signal line (orange), which confirms that buying pressure is quite high. The MACD histogram is quite bullish with greenish bars.
The RSI moves towards the middle zone with a positive gradient which confirms that buying pressure is defeating the selling pressure. However, overall, the RSI reads 46, which is bearish.
Conclusion
The indicators are turning bullish for the LUNA token, while investors have seen the tremendous potential of the token in 2021. It is also important to note that the token is currently 46.60% low from its all-time high of 103.33 USD witnessed on Dec 27, 2021. On the other hand, the token is 45839.59% up from its all-time low of $0.12 witnessed on Mar 13, 2020.
