TL;DR Breakdown
- Terra price analysis is bullish today.
- LUNA/USD started to push higher overnight.
- Closest resistance at $40.
Terra price analysis is bullish today as strong upside momentum began overnight after another test of the $35 support. Therefore, we expect LUNA/USD to attempt a breakout above $40 later today.
The overall crypto market traded mostly in the green over the last 24 hours, with Bitcoin up by 2.66 percent. Ethereum gained 1.39 percent, while Terra (LUNA) is among the top performers, with a gain of 7.5 percent.
Terra price movement in the last 24 hours: Terra starts to push away from the $35 support
LUNA/USD traded in a range of $35.72 – $39.17, indicating strong volatility over the last 24 hours. Trading volume has increased by 56 percent and totals $792 million, while the total market cap trades around $15.66 billion, ranking the coin in 12th place overall.
LUNA/USD 4-hour chart: LUNA set to breach $40?
On the 4-hour chart, we can see the Terra price action moving higher, likely resulting in another test of the $40 resistance later today.
Terra price action has seen strong bullish momentum at the beginning of October. After an initial rally at the end of September to the $40 mark, a retracement and consolidation followed until the 1st of October.
Over the following days, LUNA/USD set several local higher highs until it eventually peaked at around $49. After another rally higher, a failure was seen below $49 on the 8th of October, creating a double top pattern.
The Terra price action saw a steady decline from there until the $35 mark provided support. After consolidating above the support for the past week, bullish momentum started to pick up again overnight. The reemergence of buying pressure likely will lead LUNA/USD towards a test of the $40 mark later today.
Terra Price Analysis: Conclusion
Terra price analysis is bullish as clear support was found above $35 over the past week, leading LUNA to a move higher over the last 24 hours. Therefore, we expect LUNA/USD to continue gaining ground and likely test the $40 mark later today.
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