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Terra Price Analysis: LUNA sets a new all-time high at $101.5, more upside to follow?

Terra Price analysis

TL;DR Breakdown

  • Terra price analysis is bullish today.
  • LUNA/USD found support at $85 yesterday.
  • New all-time high set at $101.5.

Terra price analysis is bullish today as we expect to see more upside later today after a strong push higher over the last 24 hours. Likely LUNA/USD will move to $105 next major price target.

Terra Price Analysis: LUNA sets a new all-time high at $101.5, more upside to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen bullish momentum over the last 24 hours continue. The market leaders, Bitcoin and Ethereum, are up by 5.6 and 3.78 percent, respectively. Meanwhile, Terra (LUNA) is the top performer, with a gain of over 15 percent.

Terra price movement in the last 24 hours: Terra finds support at $85, breaks new all-time high

LUNA/USD traded in a range of $85.73 – $101.27, indicating strong volatility over the last 24 hours. Trading volume has declined by 2.73 percent, totaling $4.49 billion. Meanwhile, the total market cap trades around $36.4 billion, ranking the coin in 9th place overall.

LUNA/USD 4-hour chart: LUNA set to continue higher?

On the 4-hour chart, we can see the bullish momentum still dominating the Terra price action, likely leading to more upside tested today.

Terra Price Analysis: LUNA sets a new all-time high at $101.5, more upside to follow?
LUNA/USD 4-hour chart. Source: TradingView

Terra price action has seen a strong advance over the past weeks. After setting a new major swing low at $53 on the 13th of December, LUNA/USD saw bullish momentum return.

Over the following week, LUNA rallied 85 percent to the $97.5 mark, where a new all-time high was set on Wednesday. Quick retracement followed as bulls took a pause, with support found at $85.

After some consolidation above the newly found support, the Terra price quickly gained bullish momentum yesterday, leading back towards the previous high. Overnight, LUNA/USD broke the previous high, leading to a new all-time high set at $101.5 as of now. Considering how strong the buying pressure still is, we expect more upside to follow later in the day.

Terra Price Analysis: Conclusion 

Terra price analysis is bullish as we expect more upside to follow later today. Since the previous all-time high was broken quickly, we assume that bulls are still in control.

While waiting for Terra to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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