TL;DR Breakdown
- LUNA price up by 3 percent on intra-day trade
- Price expected to kick on after a barren week where price slipped below crucial EMAs
- Trading volume decreased over 25 percent over the last 24 hours
Terra price analysis for the day shows a slight recovery in progress for the token, as price jumps up to $36.26 at the time of writing. After a dismal week, where price dipped as low as $34.84, LUNA is looking to mount a recovery to take price the first resistance point of $40.31. Price currently sits well below the crucial 20,50 and 100-day exponential moving averages (EMAs) to signify the barren run for LUNA. If the current intra-day increment of over 2 percent consolidates into bullish momentum, price could jump up to $37.64 at the day’s close.
The larger cryptocurrency market showed positive signs over the day, led by Bitcoin’s continuing ascend, taking it past $63,500 with a 4 percent increase. Ethereum also jumped up 2 percent to $3,800, whereas Altcoins showed mixed results. Cardano and Ripple recorded slight decrements, while Dogecoin dipped more than 4 percent to undo its ongoing uptrend. Litecoin and Polkadot rose a single percent each.
LUNA/USD 24-hour chart: Doji type candles show uncertainty in the market
On the 24-hour chart for Terra price analysis, the current trend shows a state of uncertainty regarding price movement, indicated by appearance of Doji candles. After an initial rise of over 2 percent, price has stagnated to an extent and could go either way. The Relative Strength Index (RSI) reading indicates a bearish value of 46.86, suggesting an undervalued status in the market. Price also sits well below the crucial 20 and 50-day EMAs. However, a positive sign can be observed on the Bollinger bands’ curves, where price sits exactly within the middle of the bottom two curves, indicating that a strong upturn may be on the cards.
LUNA/USD 4-hour chart: Price primed for breakout after moving past crucial EMA
On the 4-hour chart, price can be seen moving past the crucial 20-day EMA in the latest trading session as LUNA eyes a comeback towards resistance at $40.31. The RSI value of 46.92 still needs some impetus from buyers and the next few trading sessions would prove crucial to provide that. The Moving Average Convergence Divergence (MACD) curve sits just above the neutral zone to indicate some bullish momentum for LUNA, that suggests the current trend is set to continue upwards.
Terra price analysis: Conclusion
According to majority technical indicators, LUNA price is set to undergo a positive shift in price to launch towards the crucial $40 mark. Price currently shows an undervalued status, sitting below the 24-hour EMAs, but the short-term positive trend shows enough promise to suggest that a proper reversal may be on the cards. Over the next few trading sessions, buyers may come in to consolidate towards $37.45. However, any movement below $35 could invalidate the current trend.
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