TL;DR BreakdownF
- Terra price analysis is bullish today.
- LUNA/USD saw a strong decline again Yesterday.
- Support at $60 retested.
Today’s terra price analysis is bullish, as we anticipate some recovery following a powerful drop lower Yesterday. Before more falls can be made, we expect LUNA/USD to return above $66 previous support and establish another low.
Looking at the 4-hour chart, we can see that LUNA/USD has formed a descending triangle, a sign of bearish momentum. A breakdown below support around $60 could lead to a move down to $50. On the other hand, if bulls can push prices back above resistance at $66, then we could see a move up to $80.
Terra price movement in the last 24 hours: Terra drops below $66, finds support at $60
Terra price is down from a few days ago, but I think this presents a buying opportunity. Yesterday, there was an impulsive sell-off towards the $60 level, but I anticipate some recovery today. Looking at the 4-hour chart, we can see that Terra has been in a descending triangle since early this week. A breakout below $60 could lead to a move down to $50, but I believe that bulls will push prices back above resistance at $66, leading to a move up to $80.
Yesterday, there was an impulsive sell-off towards the $60 level, but I anticipate some recovery today. Looking at the 4-hour chart, we can see that Terra has been in a descending triangle since early this week. A breakout below $60 could lead to a move down to $50, but I believe that bulls will push prices back above resistance at $66, leading to a move up to $80.
Terra is down from where it was a few days ago, but I believe this presents a buying opportunity. Yesterday, there was an impulsive sell-off towards the $60 level, but I anticipate recovery. Looking at the 4-hour chart, we can see that Terra has been in a descending triangle since early this week.
LUNA/USD 4-hour chart: LUNA prepares to reverse?
On the 4-hour chart, we can see the Terra price action consolidating today as bulls likely prepare to take over the momentum later in the weekend.
Terrapin has had a disappointing start to the year. During the final days of November, Terrapin’s price rose rapidly, reaching $70 before dipping to $50 on Friday, along with the rest of the market.
On the other hand, LUNA quickly recovered, establishing a solid higher high at $78 last weekend. After setting another strong higher low at $60 on Monday, a renewed attempt to advance was made.
The bears swiftly entered the market this time, slowing it down as it rose to $74 and establishing a lower high. On Wednesday, the price advanced somewhat higher yet again, reaching a slightly higher local high of $76 before falling back to $66 support for the second time.
The Terra coin continued to fall, breaking lower on a third attempt to rise Yesterday, which resulted in just $72 being attained. The newly discovered low most likely is enough for now, and LUNA/USD will probably retrace to establish another lower high over the next few days.
Terra Price Analysis: Conclusion
The price of Terrapin is on the rise today, as we expect a retracement from Yesterday’s loss to follow in the next 24 hours. We can assume that LUNA/USD has established a clear swing low since strong support was found at $60.
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