- Terra price analysis is bullish today.
- LUNA/USD saw another drop lower over the last 24 hours.
- Terra is ready to regain some of the loss.
Terra price analysis is bullish today as we expect recovery after a spike to $41 resulted in a rapid move back above $45 over the past hours. Therefore, LUNA/USD is ready to recover, likely resulting in more upside later today.
The market overall has seen strong selling pressure over the last 24 hours. The market leaders, Bitcoin and Ethereum, lost 5.17 and 7.04 percent, respectively, with the rest of the top altcoins following.
Terra price movement in the last 24 hours: Terra declined by 20 percent, support found at $41
LUNA/USD traded in a range of $41.31 – $49.97, indicating substantial volatility over the last 24 hours. Trading volume has increased by 162.87 percent, totaling $1.22 billion, while the total market cap trades around $19.54 billion, ranking the coin in 13th place overall.
LUNA/USD 4-hour chart: LUNA ready to recover?
On the 4-hour chart, we can see rejection for further downside for the Terra price action after the $41 mark was reached earlier today.
After several weeks of bullish momentum, Terra price action saw a strong higher set at $55. However, LUNA/USD formed a double top before spiking lower after a second attempt to move higher.
Support was found at $45, with the following reaction higher, setting a lower high at $53 on the 13th of November. From there, LUNA started to head lower again, breaking past the local higher lows yesterday.
More than 20 percent have been lost since the previous high, with the $41 mark briefly tested earlier today. As the Terra price action quickly recovered to $45, we will likely not see further lower lows set as bulls prepare to take over again.
Terra Price Analysis: Conclusion
Terra price analysis is bullish today as buying pressure returned as the $41 mark got tested earlier today. Therefore, we expect LUNA/USD to recover above the $45 mark over the next 24 hours.