- Terra price analysis is bearish for today.
- LUNA/USD retraces after peaking at around $43.
- LUNA is set to retest the $38 support.
Terra price analysis indicates bearish price action momentum to follow later today as the market peaked around $43 earlier today and currently declined back to $38 support. Therefore, we expect LUNA/USD to decline further and retest the $38 support later today.
The overall market traded in the green over the last 24 hours. The market leader, Bitcoin, is up by 0.76 percent, while Ethereum gained 3.13 percent. Solana (SOL) is still the worst performer, with a loss of more than 7.5 percent.
Terra price movement in the last 24 hours: Terra spikes to $43, bears take over again
LUNA/USD traded in a range of $37.66 – $43.47, indicating strong volatility over the last 24 hours. Trading volume has decreased by 47.81 percent and totals $1.92 billion, while the total market cap trades around $16 billion, ranking the coin in 11th place overall.
LUNA/USD 4-hour chart: LUNA set to retest the $38 support?
On the 4-hour chart, we can see the Terra price declining again as bulls are not ready to break higher.
Terra price has seen substantial volatility this week. A new lower low was set after a strong decline from $35 to $23 on the 7th of September. However, the market did recover rather quickly over the following days,
On the 10th of September, LUNA returned above the $31 support, with a further 40 percent upside over the following hours. The Terra price action eventually peaked below $45, resulting in a retracement to $38 yesterday.
From there, another attempt to move higher was seen earlier today. LUNA/USD peaked at $43 this time, with another retracement over the last hours. Overall, this should lead Terra lower today, with the $38 support likely retested again.
Terra Price Analysis: Conclusion
Terra price analysis is bearish for today as another attempt to move higher ended with the $43 mark reached. Since then, LUNA/USD has moved lower, as the $38 support will likely be retested again.
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