- Terra price analysis is bearish today.
- LUNA/USD briefly spiked above $45.
- New all-time high set at $46.
Terra price analysis is bearish today as strong selling pressure was seen just after a new all-time high was set at $46. Therefore, we expect LUNA/USD to retrace over the next 24 hours and set another higher low.
The cryptocurrency market traded mostly in the green over the last 24 hours. Bitcoin, is up by 0.12 percent, while Ethereum has gained, 3.2 percent. Meanwhile, Terra (LUNA) is the top performer, with a gain of around 18 percent.
Terra price movement in the last 24 hours: Terra sets new all-time high at $46
LUNA/USD traded in a range of $37.34 – $46.09, indicating strong volatility over the last 24 hours. Trading volume has spiked by 89.9 percent and totals $2.2 billion, while the total market cap trades around $17.8 billion, ranking the coin in 11th place overall.
LUNA/USD 4-hour chart: LUNA set to reverse today after strong rejection?
On the 4-hour chart, we can see Terra price action experiencing strong rejection for further upside over the past hours, indicating that a retracement is needed before further upside attempts.
Terra price action has seen bullish momentum return over the past weeks. After a strong move lower started on the 20th of September, a slightly higher major swing low was set at $24.
Over the following days, LUNA/USD saw a strong advance higher as it peaked just above $40 on the 24th of September. What followed was a slow and rather volatile retracement to the $34 previous support.
From the support, the Terra price reversed again and initially set a higher high on Friday. After a brief retracement, another spike higher was seen yesterday, taking LUNA/USD above $40.
Overnight, the bullish momentum continued, leading Terra to a new all-time high above $45. However, right now, rejection for further upside is seen, indicating exhaustion for bulls and an upcoming retracement likely to be seen early next week.
Terra Price Analysis: Conclusion
Terra price analysis is bearish for today as strong bearish pressure is seen over the past hours, just after a new all-time high was set at $46. Therefore, we expect LUNA/USD to retrace some of the gains and look to establish another higher low next.
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