- Terra price analysis is bullish today.
- LUNA/USD continued to retrace overnight.
- Support around $38-$39 reached.
Terra price analysis is bullish today as a strong previous support area has been reached after a decline over the past 24 hours. Therefore, we expect LUNA/USD to reverse and regain some of the loss later today.
The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, gained 1.44 percent, while Ethereum was up by 0.4 percent. Meanwhile, Terra (LUNA) lost around 5 percent.
Terra price movement in the last 24 hours: Terra retraces to $38 – $39 support area
LUNA/USD traded in a range of $38.80 – $43.21, indicating strong volatility over the last 24 hours. Trading volume has increased by 11.71 percent and totals $815 million, while the total market cap trades around $16.3 billion, ranking the coin in 11th place overall.
LUNA/USD 4-hour chart: LUNA set to regain overnight loss?
On the 4-hour chart, we can see the Terra price starting to regain the loss, indicating that further upside will follow today.
Overall, the Terra price has seen bullish momentum return over the past weeks. After setting both a higher low and lower high in September, the market direction was unclear until October.
On the 1st of October, LUNA/USD started to advance higher, breaking above the previous swing high at $41 on the 2nd of October. Further upside followed over the next days, leading Terra above the next swing high of $45 and ultimately to the current swing high of $49.
Since then, a retracement and a retest of the $49 mark has been seen, forming a double top reversal pattern on the 8th of October. From there, the Terra price has declined by almost 20 percent and has reached $38 – $39 support area.
Terra Price Analysis: Conclusion
Terra price analysis is bullish today as a strong support area has been reached, and some bullish pressure was seen this morning. Therefore, we expect LTC/USD to continue higher later today.
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