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Terra Price Analysis: LUNA/USD is bullish for the next 24 hours

Terra Price Analysis

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.

Terra Price Analysis: LUNA/USD is bullish for the next 24 hours 1
LUNA/USD 4-hour chart. Source: TradingView

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.

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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