- Terra price reached as high as $45.44 after consolidating on yesterday’s uptrend
- Price could be set to reach as high as $48 in the current run
- Trading volume also rose up 2 percent on the day
Terra price analysis for the day shows positive signs for the token, as it looks set to revisit heights set earlier in the month. Price rose more than 3.5 percent on the day, recording a high of $45.44 to reverse the downtrend that had been in play since November 14. Price dipped as low as $38.91 just 2 days ago, before trending up past the crucial 20-day exponential moving average (EMA) at $45.09, today. In the current trend, LUNA is tipped to go past the current resistance point at $48.12 along with a recovering larger cryptocurrency market.
Bitcoin rose more than 3 percent to sit just shy of the crucial $60,000 mark, whereas Ethereum also rose 3 percent up to $4,390. Major Altcoins also showed positive signs, led by Litecoin’s 6 percent increment. Ripple and Dogecoin upped 1 percent each, whereas Polkadot and Solana rose 2 and 4 percent, respectively on the day’s trade.
LUNA/USD 24-hour chart: Heads and Shoulders pattern appears
On the 24-hour chart for Terra price analysis, formation of a classic Heads and Shoulders pattern can be seen, suggesting of an ongoing battle between buyers and sellers to manoeuvre price. After touching past the crucial EMAs at $45.23, price went down as low as $42.69. This can also be verified with the Moving Average Convergence Divergence (MACD) curve that currently sits well below its neutral zone. However, it carries the potential to increase from the 0.00 mark, as is suggested by the Relative Strength Index (RSI) value of 46.26 which indicates that Terra price is in need of buyer impetus at current trend.
LUNA/USD 4-hour chart: RSI looks to be pushing up with crucial trading sessions ahead
The 4-hour price action further compliments the 24-hour chart with a fully poised scenario between buyers and sellers for LUNA. Price looks to be pushing up past the 20-day EMA, with RSI value sitting just shy of 50 to indicate slight levels of valuation in the market for the token. A positive note can also be drawn from the Bollinger Bands’ trend, where price sits in-between the top and middle curves to show a potential upturn.
Terra price analysis: Conclusion
Technical indicators confirm that LUNA currently sits within a crucial buyer-seller battle. If price can sustain the current spell and move along the cryptocurrency market then Terra price may see the highs set earlier in the month, with the $48 resistance point the first target. However, if price ships from the current stage to go below the EMA, then LUNA may be set for a distinct period downwards with the $38.91 support floor an eventual destination.
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