Terra Price Analysis: LUNA retests $40 as support, ready to break $45?

Avalanche analysis

TL;DR Breakdown

  • 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.

Terra Price Analysis: LUNA retests $40 as support, ready to break $45? 1
Cryptocurrency heat map. Source: Coin360

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 Analysis: LUNA retests $40 as support, ready to break $45?
LUNA/USD 4-hour chart. Source: TradingView

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.

While waiting for Terra to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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.

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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