- LUNA faces minor retracement again after yesterday’s bullish price action
- Trading volume up 27 percent indicating strong interest from traders
- $40 resistance persists to be the testing point for token
Terra price analysis for the day shows mixed signs from an overall positive two days for the token. Yesterday’s run took price as high as $39.89, just below resistance at $40. However, a small correction took place in the day, taking price as low as $33, before LUNA recovered again to consolidate at $38. Today, price has faltered again, going down 4 percent to $35.28 at the time of writing.
The trading volume, however, presents a healthy rise of 27 percent, indicating strong potential interest in the token. $40 continues to be the testing point for LUNA, with the initial ceiling set at $38.29. Any breakout past this point could trigger a month-long high of $43.37.
The larger cryptocurrency market fell into the reds on the intra-day market, led by Bitcoin’s 3 percent dip to take it below $42,000. Ethereum also shifted below $3,000 again, declining almost 5 percent, whereas Altcoins also struggled. Solana went down 7 percent, Cardano 4 percent and Dogecoin 6 percent. Uniswap appeared to be the only profiting token in the market, rising 3 percent to $24.43.
LUNA/USD 24-hour chart: Mixed results shown after significant rise
On the 24-hour chart, LUNA shows mixed results in declining after an initial push that took price as high as $43.52. Price is seen to go below the $38 pivot with the RSI value dropping down to 52, suggesting of bullish momentum in the token.
However, the price action continues to decline. The Bollinger Bands’ curves also show a strong buying interest in the coin, as price sits just above the middle curve at $34.6. Over the next trading sessions, LUNA is expected to fight back towards the $38 pivot and continue to test resistance at $40.
LUNA/USD 4-hour chart: Price declines and RSI dips to show testing session
LUNA can be seen struggling to maintain the bullish momentum initiated yesterday on the 4-hour chart. Price is as low as $34.2 with the RSI value dropping to just above 44. This suggests sellers are dominating the current trade, presenting an ideal opportunity for new entrants in the market.
On the 4-hour chart, price can also be seen dropping below the simple moving average (SMA) that is set at $36.7. Over the next short-term sessions, Terra is expected to decline as low as $33, before picking up some momentum to reach the $38 pivot. Any movement below $33 will invalidate the bullish thesis.
Terra price analysis: Conclusion
Technical indicators for Terra price analysis suggest that while the token faces a minor correction period, there is still bullish momentum in the market. Price is expected to rise back to $38.29 over the next few sessions, and continue to test $40 resistance. The action right now presents an ideal opportunity for buyers, with support set at $33.
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