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

Tezos Price Analysis

TL;DR Breakdown

  • Terra price analysis is bearish today.
  • LUNA/USD is currently trading at $76.6.
  • $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 the $68 area before more upside can be reached.

The Terra price analysis is bearish today as the market continues to correct the previous all-time high. The market appears to be in a downtrend, and we expect another retracement to follow before the previous all-time high is tested. Likely LUNA/USD will quickly retrace towards the $68 area before more upside can be reached.

Since the last low, LUNA/USD has gained 20 percent, reaching the $75 mark overnight. This suggests that there is still bullish momentum in the market and that a retracement could be followed by more upside. However, we must be cautious as this could also be a false breakout. As such, it is important to monitor key support levels to determine the market’s next direction.

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 the $68 area before more upside can be reached.

The Terra price analysis is bullish for now, but a correction below $80 could see momentum shift to bearish again. As such, it’s important to monitor key support levels representing previous areas of resistance to determine if a breakout or breakdown has occurred. A potential target would be $90 since this level was previously breached with strong momentum during the downtrend leading up to our last low on September 28th. Remember that it is also important not to become overly attached to any single price point, and always be ready to adapt your analysis according to new information.

The analysis is bullish for now, but a correction below $80 could see momentum shift to bearish again. Key support levels representing previous resistance areas must be monitored to determine breakout or breakdown. A potential target would be $90 since this level was previously breached with strong momentum during the downtrend leading up to our last low. Remember that it is also important not to become overly attached to any single price point, and always be ready to adapt your analysis according to new information.

The Terra price analysis is bullish today as the market continues to correct from the previous all-time high. The market appears to be in a downtrend, and we expect another retracement to follow before the previous all-time high is tested. Likely LUNA/USD will quickly retrace towards the $68 area before more upside can be reached.

LUNA/USD 4-hour chart: LUNA to retrace before more upside is tested?

We can observe selling pressure returning as soon as the $75 level was breached, leading to another small retracement over the next days, according to the 4-hour chart.

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

This week, Terra’s price has seen a resurgence of bullish momentum. After falling by around 30% from the previous swing high, support was discovered at $52 on December 13th.

From there, LUN/USD jumped up to $61 initially, with a more robust advance continuing through the formation of a higher high at $68. At this moment, market momentum has given indications of reversal. A brief retracement to $62 was made afterward, establishing a solid higher low as the market prepared for another push upward.

Another rally followed, taking the Terra price action to $75. Another significant higher high has been established as the market looks to reach back to its all-time high of $78. Bulls are likely fatigued once again, and another quick retreat is required before the all-time high may be tested.

Terra Price Analysis: Conclusion 

Today’s price analysis for Terra is bearish since we expect the present uptrend to end below $75. As a result, LUNA/USD should retreat before the all-time highs of $78 may be challenged next week.

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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