- 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 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 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.