The price of terra is presently bullish as we anticipate the current rally to continue. However, LUNA/USD may experience a minor retreat as the $66 mark has thus far presented resistance.
Overnight, LUNA/USD has found support around the $61.00 level as the market has opened up to buying once again. As of now, it is to note that there is no major news or updates that could be the primary cause of this sudden surge in price for both coins. With that said, further upside remains tested with sellers waiting to take action should our analysis be proved wrong.
The MACD on the 4H chart shows that LUNA is slightly bullish on its short-term outlook. With momentum having picked up recently, this could indicate more upside movement in the short term.
The 7-day EMA has turned into a support level for the price of Luna as it has climbed back above this mark today. We shall see any follow-through to form another higher low formation on Luna’s weekly chart. If so, then perhaps more bulls will come out, powering further upside movement over the next 24 hours or so.
A break of $71 would signal continued bullishness with immediate resistance provided by $75 and $78, respectively, ahead of, $85 where sellers are expected to show their presence again. On the other hand, if the price breaks below $60, we could see sellers taking action where LUNA/USD may head back towards $50.
As a result, this should serve a reminder to all traders who are using an alternative entry point when trading Luna to mitigate losses should there be a sudden price drop.
The technical indicators seem to be favoring buyers currently despite some bearish pressure seen earlier on hourly charts based on Stochastic RSI over the last hours. Right now, Stochastic RSI hit its highest level at 80 – suggesting strong bullish momentum – while price actions are testing an important resistance around the $66 mark, which might hold further upside pressure at the moment.
However, our previous analysis remains valid as long as no big news is released, which could push prices down, resulting in heavy sell-off across the market. Terra price analysis is bullish today as we expect the current rally to continue further later in the day. However, LUNA/USD could see a slight retracement as the $66 mark currently has offered some resistance.
Over the past several hours, the Terra price has risen once again, resulting in a new all-time high of roughly $66.
On Monday, April 24, the price of Terragame Online began to climb again. On Sunday, April 23, after several days of consolidation around $40 – $45, LUNA/USD started to gain steam, reaching the $50 level by the start of this week.
More upside has occurred since, with the previous all-time high of $55 broken without much hesitation. LUNA reached a new all-time high at $65 by yesterday.
After several attempts to reach higher levels overnight, a consolidation occurred as selling pressure returned. The Terra price action has now established another slightly higher high, with the $66 mark being rapidly reached over the past hours. However, after another retracement, further highs should follow.
Today’s terra price analysis is bullish because we anticipate the ongoing rally. However, as the $71 mark has been a barrier recently, LUNA/USD may have a minor retreat.
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.
This post was last modified on December 3, 2021 11:01 am
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