- Terra price analysis is bearish today.
- Support is found at $34.
- Resistance is found at $40.
The Terra price analysis is on the bearish side today. The LUNA/USD price broke below $40 today as bears took over in the increasing volatile situations.
During the bearish crypto market of yesterday, when all major cryptocurrencies were falling, LUNA surprisingly showed good performance, defying the market trend. But today, when cryptocurrencies are showing some recovery from the losses, LUNA is again against the trend and is in a bearish domain.
The next support is present at $34, followed by another support of $24. In contrast, the next immediate resistance is found at $40, from where LUNA got rejected today, followed by the highest resistance of $43.
LUNA/USD 1-day price chart: LUNA is under market pressure as the price drops significantly
The 1-day price chart for Terra price analysis shows a decline in price as a bearish crossover happened today. Bears took over the bullish momentum of the last three days as selling pressure came in from the market. Today LUNA/USD came down from $40 to $37 at the time of writing, and a further decline is also possible.
The volatility is on the increasing side for LUNA/USD pair as Bollinger bands are widening up, which is a negative indication for the cryptocurrency. The upper Bollinger band is at $34, and the lower band is at $25, making an average at $34, still below the price level.
The Relative strength index (RSI) is also on a downwards slope but still in the upper half of the neutral zone at 56 index, though standing neutral but gives an indication of selling pressure.
The MACD indicator is currently a little on the bearish side as the histogram is still in the light reddish shade, but the smaller size and light color is indicating almost a bullish crossover was to happen if the bullish streak continued, which unfortunately did not, and a dark red color may appear again if bearish momentum goes on.
Terra price analysis: Bears in the lead
The 4-hour chart for Terra price analysis shows the downfall continues at the moment as bears drag price further down the hill. As the bears continue their endeavor, the price is still in the psychological range, which is above $33.
The volatility has decreased a bit on the hourly charts as Bollinger bands ends are traveling towards each other. The upper band is present at $42, and the lower band is present at $26. The relative strength index (RSI) is still in the upper half of the neutral zone at 57 index.
Moreover, the Moving average (MA) is traveling towards the price level and is present exactly below the price with a difference of few points. IF it travels above the price, it will be a bearish crossover, and we might observe a further price decline.
Terra price analysis: Conclusion
The Terra price analysis reveals that LUNA is currently observing a trend reversal against the broader crypto market as bears took control of the LUNA market.
The short-term price drop is not unpredictable as LUNA was on an uptrend from the last few days and selling pressure from trader booking profits was to hit any time, which is happening right now. Though LUNA is still in the upper price envelope and the bearish trend may settle down soon.
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