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Terra Price Analysis: LUNA/USD breaks below $38 support, braces for a decline

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TL;DR Breakdown

  • 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 analysis
Cryptocurrency heat map. Source: Coin360

The overall market traded mostly in the green over the last 24 hours. Bitcoin gained 1.87 percent. Ethereum gained 5.33 percent, becoming the top performer on the daily chart. 

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.

Terra Price Analysis: LUNA/USD breaks below $38 support, braces for a decline 1LUNA/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.

While waiting for Terra to move further, read our guides on the Best NFT marketplaces, NFT history, and development, as well as NFT Music.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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