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Terra Price Analysis: LUNA/USD to spike to $55 over the weekend

Terra Price Analysis

TL;DR Breakdown

  • Terra price analysis is bullish today.
  • LUNA/USD is currently trading at $49.5.
  • LUNA/USD prepares to break higher gain.

The price of Terra is in an uptrend, and today’s analysis is bullish since a significantly higher low was established after a spike to $45 over the night. Since buying pressure swiftly returned, we believe that LUNA/USD will continue to rise.

Yesterday’s analysis mentioned that the new descending resistance line was breached, which suggests that selling pressure has subsided in favor of buying demand. However, there is no guarantee yet since the price could still correct further lower – thus, expected trading ranges are still between $48 to $51 in the short term.

Terra price movement in the last 24 hours: Technicals are bullish on LUNA

The daily LUNA/USD chart below has provided hourly resistance levels circled in purple, highlighting the bullish trendline that is holding to its word since the price continues to trade above it. As mentioned yesterday, there is further upside potential should these trendlines be breached.

On the flip side, if buy volume remains consistent and pushes prices above $50, we expect further resistance around this area since it is the confluence of 2 trendlines that have not been breached yet. Thus, today’s LUNA/USD analysis will be discussed after the break.

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

On the 4-hour chart, we can see a powerful recovery for Terra price action this morning, which is likely to lead to the swing high of $55 being tested over the next 24 hours.

Terra Price Analysis: LUNA/USD to spike to $55 over the weekend 1
LUNA/USD 4-hour chart. Source: TradingView

By the end of October, the price of Terras was moving sideways, with $40 serving as support and $45 as resistance. On November 3rd, a surge forward led to the $49 mark at first.

The bulls failed to break the $55 previous high resistance, resulting in a quick reversal and a drop to the $45 previous central support region, which served as support. From there, bullish momentum carried the Terra price up above $50. We can expect LUNA/USD to rise over the next 24 hours as a strong higher low has been set.

Terra Price Analysis: Conclusion 

Terra price analysis is bullish today. LUNA/USD briefly spiked to $51 overnight. Terra prepares to break higher gain. The price of Terra is in an uptrend, and today’s analysis is bullish since a significantly higher low was established after a spike to $51 over the night. Since buying pressure swiftly returned, we believe that LUNA/USD will continue to rise. 

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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