Terra price analysis: LUNA unable to break resistance at $44.88, lower prices to follow?

Luna price analysis

TL;DR Breakdown

  • Terra price analysis is bearish for today, down by 5.8%.
  • The current price rests at $41.94, while the nearest resistance is at $44.88.
  • The nearest support levels can be seen at $33.88 in the daily chart.

Terra (LUNA) is one of the most promising blockchain protocols seeking to combine the best cryptocurrencies and fiat currencies. Recently, we have seen LUNA perform better than most of the cryptocurrencies. As Bitcoin ranges above $51K, we can see that the altcoins today are dropping in prices.

For today, the one-day trading volume of the coin has declined by 47.30%, standing at $1.2 billion. As a result, the market capitalization of the coin fell by 7.49%. Today, the token’s highest price stands at $44.82, while the lowest is at $41.94. It is possible that we might see lower prices.

The nearest support for the coin lies at $33.88 on the daily chart. We might see the prices drop down to these levels. Although Bitcoin moved from $49.2K to $51.4K, the growth of altcoins has been slow. This is an important zone for Bitcoin, and further upside would mean a bullish outbreak.

Terra (LUNA) price movement in recent days

In the past few days, Terra has performed extremely well. On September 8th, we witnessed a price surge of about 5.52%, while the next day, the prices rose by 3.87 USD. On September 10th, the price of Terra rose by an astonishing 41.67%.

On September 20th, the price of LUNA fell by 16.37%, whereas on the very next day, the prices went further down by 8.61%. On September 22nd, the price of LUNS/USDT rose by $31.84%, while on 23rd and 24th September, the prices rose by 9.01% and 11.06%, respectively.

The coin ended September with a surge of 13.70%, while the first week of October has been quite bullish for the coin. We can see that the monthly candle for October is up by more than 8%.

Terra price analysis: Technical indicators are still bullish

The Terra price analysis accurately points out that the price is still above the 50-day and 100-day Moving Averages. These key Moving Averages will act as support levels if the momentum turns extremely bearish. We might see a rebound if the prices reach these key Averages.

After a failed breakout attempt, the price action is going down in the 1-day chart for LUNA/USDT. Although the price action is still in the upper end of the Bollinger Bands, we can see two consecutive red candles in the chart. It is possible that the prices drop down to the lower levels if bears continue to rule.

Terra price analysis: LUNA unable to break resistance at $44.88, lower prices to follow? 1
Terra price analysis on the 1-day chart by TradingView

The Terra price analysis on the daily chart shows that the RSI indicator is dropping below the 60-mark. The gradient is sharply negative, which indicates that lower prices are a possibility for today.

The MACD indicator shows that the blue line (MACD line) is still above the orange line (signal line) but, the two lines are moving closer. We earlier saw a bullish divergence on the daily chart, but the buying pressure is unable to overcome the selling pressure.

Terra price analysis
Terra price analysis on the 1-day chart by TradingView

Terra price analysis:Conclusion

On October 4th, Terra hit an all-time high after the much-awaited Columbus-5 upgrade was deployed on the Terra network. This upgrade introduced the Inter-Blockchain Communication (IBC) standard, which enables any users to transfer LUNA or the UST (Terra USD) from Terra to any network.

While waiting for better buying opportunities, you should definitely read our long-term Price Predictions and decide whether it’d be better to hold on to your LUNA tokens.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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