- Terra’s price analysis is bullish today.
- LUNA/USD continued to retrace overnight.
- Support around $35-$36 reached.
Terra’s price is presently bearish, after retracing below a solid previous support area between $38 – $40 following a decline in the past 24 hours. As a result, we anticipate LUNA/USD to reverse and continue falling in the next 24-hours.
Terra price movement in the last 24 hours: Terra retraces to $38 – $39 support area
The LUNA/USD pair has been trading in a range of $36.10 to $37.71, with high volatility over the past 24 hours. Volume has increased by 11%, and the market capitalization is currently around $16.3 billion, putting the cryptocurrency in 11th place globally.
LUNA/USD 4-hour chart: LUNA set to regain overnight loss?
We can see the Terra price beginning to descend towards $36 on the 4-hour Terra price analysis chart, suggesting that there will be further downsides today.
LUNA/USD 4-hour chart. Source: TradingView
Overall, the Terra price appears to be on the rise again in recent weeks. The market’s trend was murky until October after the pair established a higher low and lower peak in September.
At the beginning of October, LUNA/USD began to rise, breaking above the previous swing high at $41 on the second of October. Over the following days, Terra rose above the next swing high of $45 and ultimately to the current swing high of $49.
Since then, a retracement and retest of the $49 level have occurred, creating a two-top reversal pattern on October 8th. From there, the Terra price has fallen approximately 19%, dipping to $38 -$39 support levels.
Terra Price Analysis: Conclusion
The analysis of Terra’s price is slightly unfavorable today, as a significant support zone has been broken, and some bearish pressure was observed this morning. As a result, we anticipate LUNA/USD to drop even further later today.