Altcoin News

Terra Price Analysis: LUNA makes another spike lower overnight, finds support at $24

TL;DR Breakdown

  • Terra price analysis is bullish for today.
  • LUNA/USD saw another spike lower overnight.
  • After a quick test of $24, LUNA started to recover this morning.

Terra price analysis is bullish for today as the overnight spike lower has resulted in a strong rejection from the $24 support. Therefore, we expect LUNA/USD to keep moving higher later today and recover more of the loss seen this week.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the red over the last 24 hours. The market leader, Bitcoin, is down by 2.5 percent, while Ethereum is down by 4.73 percent. Meanwhile, Solana (SOL) is the worst performer, with a loss of almost 8 percent.

Terra price movement in the last 24 hours: Terra spikes to $24

LUNA/USD traded in a range of $24.02 – $29.36, indicating significant volatility over the previous 24 hours. Trading volume has decreased by 23.83 percent and totals $1.405 billion, while the total market cap trades around $11 billion, ranking the coin in 14th place overall.

LUNA/USD 4-hour chart: LUNA ready to reverse?

On the 4-hour chart, we can see the Terra price action starting to recover, indicating further upside will follow later today.

LUNA/USD 4-hour chart. Source: TradingView

Terra price action has traded in a strong bearish momentum over the past week. A new major swing higher high was set after a rapid advance to the $45 mark earlier this month.

However, bulls became exhausted, and a retracement began. At first, the $34 previous resistance provided some support, and, after some consolidation, it broke on the 19th of September.

A further drop over the past couple of days followed, with the $26.5 mark preventing more downside yesterday. Overnight, another quick spike lower made the Terra price action retest the $24 previous swing low. Therefore, we expect a new major swing low to be set, and a reversal will follow from there.

Terra Price Analysis: Conclusion

Terra price analysis is bullish for today as a further downside was rejected this morning after a quick spike to the $24 mark. Therefore, we expect LUNA/USD to see further upside over the next 24 hours.

While waiting for Terra to move further, read our guides on Decentralized Exchanges, NFT Crypto, as well as Bitcoin Memes.

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.

This post was last modified on September 22, 2021 11:26 am

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

Recent Posts

Polkadot price analysis: DOT presents buying opportunity before $30 ascent

TL;DR Breakdown Polkadot price lowered another 3 percent during the day's trade Price continues to… Read More

January 20, 2022

Intel to bring a specialized Bitcoin mining chip in February 2022

TL;DR Breakdown:  Intel is reportedly releasing a specialized Bitcoin mining chip. It will be an ultra-low-voltage… Read More

January 19, 2022

Crypto friendly Singapore clampdown on crypto ATM services

TL;DR Breakdown Singapore orders crypto ATM providers stops working.Move to regulate crypto advertising to the… Read More

January 19, 2022

GK8, cybersecurity platform reel out new feature to ease integration with layer-1 blockchain

TL;DR Breakdown GK8 reel out additional features to its platform.The new features can enable banks… Read More

January 19, 2022

Monero price analysis: XMR recovers to $208, as support appears

TL;DR Breakdown The Monero price analysis is bullish.Resistance for XMR/USD is present at $214.Support for… Read More

January 19, 2022

Bitcoin Price Analysis: BTC rejects upside at $42,500 again, ready to continue lower?

TL;DR Breakdown Bitcoin price analysis is bearish today.BTC/USD retested $42,500 resistance earlier.Closest support at $41,000.… Read More

January 19, 2022

This website uses cookies.