- Terra price analysis is bearish today.
- LUNA/USD gained 20 percent since the last low.
- $75 mark reached overnight.
Terra price analysis is bearish today as we expect another retracement to follow before the previous all-time high is tested. Likely LUNA/USD will quickly retrace towards $68 area before more upside can be reached.
The crypto market overall has seen a steady advance over the last 24 hours. The market leader, Bitcoin, has gained 1.25 percent, while Ethereum 1.17 percent. Meanwhile, Terra (LUNA) is the top performer, with a gain of almost 13 percent.
Terra price movement in the last 24 hours: Terra rallies another 20 percent, finds resistance at $75
LUNA/USD traded in a range of $66.02 – $75.49, indicating substantial volatility over the last 24 hours. Trading volume has increased by 20.34 percent, totaling $2.35 billion. Meanwhile, the total market cap trades around $27.9 billion, ranking the coin in 9th place overall.
LUNA/USD 4-hour chart: LUNA to retrace before more upside is tested?
On the 4-hour chart, we can see selling pressure returning as soon as the $75 mark was reached, likely leading to another small retracement over the next days.
Terra price has seen bullish momentum return this week. After previously declining by around 30 percent from the last swing high, support was found around $52 on the 13th of December.
From there, LUNA/USD saw a reaction higher to $61 initially, with a further push higher, breaking a higher high to $68. Market momentum has shown signs of reversal at this point. Small retracement to $62 followed, setting a strong higher low as the market prepared for a further push higher.
Yesterday another rally followed, this time taking the Terra price action to the $75 mark. Another strong higher high has been set as the market looks to reach back to the all-time high at $78. However, right now, bulls are likely exhausted again, and another quick retracement is needed before the all-time high can be tested.
Terra Price Analysis: Conclusion
Terra price analysis is bearish today as we expect the current upswing to have ended below $75. Therefore, LUNA/USD should retrace before the all-time highs at $78 can be tested next week.