- Terra price analysis is bullish today as a higher low was set above $40.
- LUNA/USD moved towards $45 today.
- Next resistance at $49.
Today’s terra price analysis is bullish as a higher low was established at $40 following a robust retracement yesterday. As a result, we expect LUNA/USD to advance further in the coming 24 hours.
Cryptocurrency heat map. Source: Coin360
The overall market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum both traded in the red, with a loss of 2.88 and 2.99 percent, respectively. Meanwhile, Solana and VeChain (VET) dominate the market, with a gain of around 7.5 percent.
Terra price movement in the last 24 hours: Terra retraces to $40, continues higher
LUNA/USD has been trading in a range of $42.61 to $44.46, with mild volatility over the last 24 hours. Trading volume is down 6.1 percent and stands at $1.61 billion, while the overall market cap is worth about $18 billion and places the coin in
LUNA/USD 4-hour chart: LUNA looks to break $45?
On the 4-hour chart, we can see strong bullish momentum today for Terra price action as a new higher low was established at $40.
LUNA/USD 4-hour chart. Source: TradingView
After a spectacular run in the first week of October, Terra’s price action has been moving lower. After reaching a new swing high of $49 on the first week of October, a bearish trend has returned in recent weeks.
However, after attempting to rise higher, the price of LUNA/USD reversed. Consolidation above $35 for more than a week followed a correction of almost 30 percent.
On October 19th, the price of Terra rose up strongly, reaching $44 before a rapid retracement back to $40 yesterday. Since then, LUNA/USD has increased in value, possibly leading to a rise past the $49 local resistance today.
Terra Price Analysis: Conclusion
The rise in the price of Terra is continuing to attract attention today, as a new higher high has been established following a retracement back to $40 yesterday. We anticipate further growth later today after LUNA/USD rapidly recovered.