- Terra price analysis is bullish today as a higher low was set above $40.
- LUNA/USD moved towards $45 today.
- Next resistance at $49.
Terra price analysis is bullish today as a higher low was set at $40 after a strong retracement yesterday. Therefore, we expect LUNA/USD to continue higher over the next 24 hours.
The overall market traded mostly with bearish momentum over the last 24 hours. The market leader, Bitcoin, lost 3.83 percent, while Ethereum lost $4.49 percent. Meanwhile, Terra (LUNA) is among the top performers, with a gain of almost 7 percent.
Terra price movement in the last 24 hours: Terra retraces to $40, continues higher
LUNA/USD traded in a range of $39.31 – $45.46, indicating strong volatility over the last 24 hours. Trading volume has declined by 6.1 percent and totals $1.61 billion, while the total market cap trades around $18 billion, ranking the coin in 11th place overall.
LUNA/USD 4-hour chart: LUNA looks to break $45?
On the 4-hour chart, we can see bullish momentum strong today for the Terra price action as a new higher low was set at $40.
Terra price action has seen bearish momentum return over the past weeks. After a strong rally during the first week in October, a new swing high was set at $49.
However, the following attempt to move higher resulted in a reversal for LUNA/USD. A retracement of almost 30 percent resulted in consolidation above $35 for more than a week.
Terra price saw bullish momentum return on the 19th of October, leading to the $44 mark before a swift retracement to $40 yesterday. Since then, LUNA/USD has continued higher, likely leading to a move past the $49 local resistance today.
Terra Price Analysis: Conclusion
Terra price analysis is bullish today as a new higher high has been set after a retracement to $40 yesterday. Since LUNA/USD recovered rather quickly, we expect further upside to follow later today.
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