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Terra Price Analysis: LUNA spikes to $34, setting a higher low

TL;DR Breakdown

  • Terra’s 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.

For today, the Terra price analysis is bullish, as the overnight sell-off has resulted in a strong rejection from $24 support. As a result, we anticipate LUNA/USD to continue higher later today and recover more of the loss it incurred this week.

Cryptocurrency heat map. Source: Coin360

Over the last 24 hours, the cryptocurrency market has been in good shape. Bitcoin is up 3.5%, while Ethereum is up 6.73%. Dogecoin, on the other hand, has had a spectacular day, increasing by 11% and outperforming all other cryptocurrencies.

Terra price movement in the last 24 hours: Terra spikes to $34

The LUN/USD pair was trading in a range of $32 – $34.56 throughout the previous 24 hours, suggesting moderate price swings over the last day. Trading volume has dropped by 23.83 percent and is now at $1.405 billion, while the overall market cap is about $11 billion and places it in 14

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

The Terra price is correcting lower on the hourly chart, which might signal further gains later today.

LUNA/USD 4-hour chart. Source: TradingView

The price of Terra has been trading in a powerful bearish trend over the past seven days. After reaching the $45 mark early this month, a fresh major swing high was established.

Bulls, on the other hand, became weary and a retracement began. The $34 previous resistance gave some assistance at first, and after some consolidation, it broke on September 19th.

The Terra price has traded between $26.50 and $30 for the best portion of the week, before testing $34 early today. On Sunday, after another decline over the previous few days, the $26.5 level prevented more downside movement. The Terra price action retested its prior swing low during the

Terra Price Analysis: Conclusion

For today, terra price analysis is bullish as an additional downside was rejected this morning after a brief spike to $34. As a result, we anticipate that LUNA/USD will continue to rise over the next 24 hours.

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 23, 2021 8:37 am

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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