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Terra Price Analysis: LUNA market breaks higher and sets higher low at $52

CRO price analysis

TL;DR Breakdown

  • Terra price analysis is bullish today.
  • LUNA/USD set higher low at $52.

The terra price analysis is bullish today because another higher low was established at $52 following a continuous decline yesterday. As a result, LUNA/USD is likely to make an attempt at breaking out above previous highs in the next 24 hours.

Terra price analysis
Cryptocurrency heat map. Source: Coin360

The overall market traded with bullish momentum over the last 24 hours. Bitcoin gained 3.87 percent, while Ethereum 1.98 percent. Meanwhile, ADA is among the top performers from the major altcoins, with a gain of 6 percent.

Terra price movement in the last 24 hours: Terra sets higher low at $52, prepares to push higher?

The price of LUNA/USD was rangebound between a daily high of $54.73 and a daily low of $52.15 over the last 24 hours, implying little swings in value during that time period. Trading volume has dropped by 8.23 percent and is now worth $646 million, while the market capitalization is around $20 billion and places the coin in the #55 spot.

LUNA/USD 4-hour chart: LUNA set to break higher?

We can see that the Terra price is picking up steam once again on the 4-hour chart this morning, probably leading to higher prices over the next 24 hours.

Terra price analysis
LUNA/USD 4-hour chart. Source: TradingView

So far in November, Terra’s price has shown strong momentum. After a consolidation at the end of October, a swing low was established at $38 on the 27th.

During this period, the price of LUNA/USD consolidated in a narrow range. After consolidation, a lower low was formed and a higher high was established, suggesting that the pair is consolidating. However, on the first days of the following week, Terra recorded a strong higher high at $53 as a result of a break higher.

The price of Terra has since retraced to $47.5, establishing a new low that was subsequently broken. The following reaction established a lower high, implying another consolidation took place. Yesterday, LUNA/USD retested support at $49 and established another higher low.

As a result, we anticipate that Terra will rise over the next 24 hours. Bullish momentum is gaining strength, suggesting that a break above the current high of $53 may be imminent.

Terra Price Analysis: Conclusion 

Because of this, it’s likely that the price of TERRA will continue higher, with the next objective set at $53.

While waiting for Terra to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

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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