- Terra price analysis shows a bearish momentum.
- Strong resistance is present at $43.36.
- Support is found at $27.8.
The Terra price analysis shows a price decline. Terra’s (LUNA/USD) price has come down to $35.6 at the time of writing. After touching the all-time high, selling pressure is building up in the market.
The LUNA/USD pair touched an all-time high of $43.36 on 10th September 2021, following the September flash crash of 7th September. LUNA was one of the early birds to get out of the shock of flash crash when it went to an all-time high soon after.
The Korean-based Terra (LUNA) is still on the positive side of the equation with a value gain of 25 percent for the past 24 hours and 29 percent over the span of the last seven days, despite the bearish downward movement of price.
LUNA/USD 1-day price chart: LUNA on a bearish run
The 1-day Terra price analysis reveals a drop in price level, as the value of cryptocurrency dropped significantly today. After hitting a record high, LUNA seems to be retracing as traders who bought the asset near the top price seem to be preventing their losses.
The volatility is comparatively high from the last few days, with Bollinger bands showing the upper band at $40.8 and the lower band at $25.4. The average of Bollinger bands is at the $33 mark. The moving average (MA), being an important indicator, is at $34.6 below the price but looks like it might travel above the price marking a bearish crossover. The relative strength index (RSI) is at a score of 57, still on the bullish side but moving on a downward slope.
Terra price analysis: LUNA to go down further?
The 4-hour price chart for Terra price analysis shows red candlesticks are continuously appearing on the chart from the start of the day, as the selling pressure intensifies every hour.
After the bullish activity of early hours yesterday, bears have successfully turned the tables and are dragging the price down without considerable competition from the buyers’ side. As the LUNA/USD pair price declines, the next support that bulls can hold on to is at $30, followed by another strong support of $27.8.
The volatility is decreasing during the current hours as Bollinger bands are narrowing down. The Bollinger bands ends are coming inwards with the top band at the $44.3 mark and lower band at the $33.9 mark, making an average at the $39 mark.
The moving average is at the $38 mark. Both the averages are above the price level in the 4-hours chart, and the relative strength index (RSI) is at a score of 45. Combined, these indicators provide enough room for another bullish run, but the only unsupportive factor could be the downward slope of RSI during the current hours.
Further looking into the Terra price analysis, the most important technical indicators like moving averages (MA) 10, 20 and exponential moving average (EMA) 10, 20 support the buy option. The main oscillator MACD also supports the buy option while the remaining oscillators like RSI and bull-bear power are neutral.
Terra price analysis: Conclusion
The 1-day and 4-hours price analysis shows a downward price movement for LUNA/USD pair. The selling pressure is still there in the market as LUNA retraces back to the $35.6.
After the steep decline in price, there is still ample chance of price reversal as there is enough room for bulls to take the price up again. This can be a risky time for intraday investors as most technical indicators favor the crypto asset, but still, the downward price movement has not shown any traces of reversing, but a reversal is possible in the coming hours.
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