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Terra Price Analysis: LUNA tests $45, prepares to move higher

TL;DR Breakdown

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.

While waiting for Terra to move further, read our guides on LTC wallets, Gero wallets, and DeFi wallets.

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 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.