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Terra Price Analysis: LUNA prepares to break higher after a spike to $45?

Terra Price analysis

TL;DR Breakdown

  • Terra price analysis is bullish today.
  • LUNA/USD briefly spiked to $45 overnight.
  • Terra prepares to break higher gain.

Terra price analysis is bullish today as a strong higher low was set after a spike to $45 overnight. Since buying pressure quickly returned, we assume LUNA/USD is ready to continue higher.

Terra Price Analysis: LUNA prepares to break higher after a spike to $45? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the red over the last 24 hours. Bitcoin lost 4.34 percent, while Ethereum 1.75 percent. Meanwhile, Hex (HEX) is the top performer, with a gain of almost 10 percent.

Terra price movement in the last 24 hours: Terra fails to set a higher high, drops to $45, where strong support is found

LUNA/USD traded in a range of $44.54 – $54.68, indicating massive volatility over the last 24 hours. Trading volume has increased by 128 percent and totals $1.67 billion, while the total market cap trades around $24.33 billion, ranking the coin in 12th place overall.

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

On the 4-hour chart, we can see a strong recovery for the Terra price action this morning, likely leading to the swing high at $55 tested over the next 24 hours.

Terra Price Analysis: LUNA prepares to break higher after a spike to $45?
LUNA/USD 4-hour chart. Source: TradingView

Terra price action saw sideways movement by the end of October, with the $40 mark acting as support and $45 as resistance. A break higher finally followed on the 3rd of November, leading to the $49 mark at first.

From there, more attempts to push LUNA/USD higher resulted in a new swing high at $55 set this Monday. Retracement followed to $50 before a quick spike higher was seen again.

Bulls failed to breach the $55 previous high resistance, resulting in a rapid reversal and a drop to the $45 previous major resistance area that acted as support. Bullish momentum resumed from there, leading the Terra price action back above the $50 mark. Likely, we will see LUNA/USD continue higher over the next 24 hours as a strong higher low was set.

Terra Price Analysis: Conclusion 

Terra price analysis is bullish today as a quick spike lower set a clear higher low, leading to a recovery in the morning. Therefore, we expect LUNA/USD to continue higher, with the $55 previous high targetted next.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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