- Terra price analysis is bullish for today.
- LUNA/USD found support at $36 again.
- LUNA is set for a higher swing today
For today, the Terra price analysis is favourable since a consolidation above the $34 support was observed overnight. As a result, we expect LUNA/USD to rise further over the next 24 hours and regain some of the losses incurred earlier this week.
Over the last 24 hours, the market fluctuated in a mixed manner. Bitcoin and Ethereum are both slightly up, with 1.32 and 0.2 percent gains, while Solana (SOL) continues to dominate the market with a 14 percent increase.
Terra price movement in the last 24 hours: Terra retraces to $34, forms consolidation overnight
The LUNA/USD pair is locked in a tight range of $34.11 to $36.30 over the last 24 hours, yet there’s no sign of significant movement during that period. Volumes have tumbled by 35.27 percent, with $807.78 billion worth of transactions compared to a market capitalization of $14.18 billion.
Zooming in on today’s price action, we can see a small consolidation at strong support of $34 after an attempt to break through resistance at $36 was foiled.
There’s not much of an effort to break above $36, which means that the market is likely to continue retracing to $34/35 for another attempt at breaking out of resistance at $36. When is breakout likely? Given the strength of support at $34, today’s analysis is bullish.
LUNA/USD 4-hour chart: LUNA starts to move higher
On the hourly chart, we can see that bullish momentum is gradually returning, implying that there’ll be more upward movement later this weekend.
LUNA/USD 4-hour chart. Source: TradingView
The price of Terra has been confined to a narrow range throughout the week. After reaching a high of $45 on September 11, a solid higher high was established around $45.
Bulls, on the other hand, could not propel the market any higher after that. The market fell rapidly to $38 on the 13th of September before failing to rise beyond it.
After the price hit $35, the market began to fall again. This time, however, it found support at $34. The majority of the week was spent consolidating above this support as bulls attempted to reverse the market.
Terra Price Analysis: Conclusion
The price of Terra is strengthening as the previous significant support was tested overnight, and bulls regain momentum. As a result, we expect LUNA/USD to rise further over the next 24 hours and target resistance at $38.
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