Altcoin News

Terra price analysis: LUNA looking to reverse barren spell with $40 in sight

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.

Terra price analysis: Cryptocurrency heat map. Source: Coin360

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.

Terra price analysis: 24-hour chart. Source: Trading View

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: 4-hour chart. Source: Trading View

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.

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.

This post was last modified on October 19, 2021 9:55 pm

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

Recent Posts

Polkadot price analysis: DOT presents buying opportunity before $30 ascent

TL;DR Breakdown Polkadot price lowered another 3 percent during the day's trade Price continues to… Read More

January 20, 2022

Intel to bring a specialized Bitcoin mining chip in February 2022

TL;DR Breakdown:  Intel is reportedly releasing a specialized Bitcoin mining chip. It will be an ultra-low-voltage… Read More

January 19, 2022

Crypto friendly Singapore clampdown on crypto ATM services

TL;DR Breakdown Singapore orders crypto ATM providers stops working.Move to regulate crypto advertising to the… Read More

January 19, 2022

GK8, cybersecurity platform reel out new feature to ease integration with layer-1 blockchain

TL;DR Breakdown GK8 reel out additional features to its platform.The new features can enable banks… Read More

January 19, 2022

Monero price analysis: XMR recovers to $208, as support appears

TL;DR Breakdown The Monero price analysis is bullish.Resistance for XMR/USD is present at $214.Support for… Read More

January 19, 2022

Bitcoin Price Analysis: BTC rejects upside at $42,500 again, ready to continue lower?

TL;DR Breakdown Bitcoin price analysis is bearish today.BTC/USD retested $42,500 resistance earlier.Closest support at $41,000.… Read More

January 19, 2022

This website uses cookies.