Terra price analysis: LUNA breaks past $81 resistance, eyes $84 next

TL;DR Breakdown

  • The Terra price analysis is bullish.
  • Resistance for LUNA/USD is present at $84.3.
  • Strong support is found at $81.

The Terra price analysis is bullish for today as the coin price function continues an uptrend for today as well. The recent uptrend started on 9th January when LUNA got support at $66. The coin was on the decline after peaking at $99.8 on 26th December, and the downtrend lasted till 8th January losing around 34 percent value in 12 days. But today, the bullish momentum has proved overpowering as the price has reached its former height of $83.2, breaking past the resistance present at $81.8. Further increase in LUNA/USD value is to be expected in the upcoming hours as well.

LUNA/USD 1-day price chart: Cryptocurrency value bounces back to $83 high

The 1-day Terra price analysis is confirming a bullish trend for the day as the price has covered an upward movement in the last 24 hours. A constant shift in price trends has been observed in the last couple of days, but today the bulls secured the lead. The LUNA/USD price has increased up to the $83.2 mark gaining more than five percent value during the last 24 hours, and further improvement is to follow up soon as the LUNA bulls are now eyeing $84.3 resistance next.

LUNA/USD 1-day price chart. Source: TradingView

The moving average (MA) is trading at $75, quite below the price level. The Bollinger bands indicator is showing a decreasing trend in the volatility as the average line of the indicator is now present at $81, but the volatility is still high. The upper Bollinger band is now at the $93 level representing resistance, and the lower Bollinger band is at the $66 mark representing the strongest support. The Relative Strength Index (RSI) is trading at index 54, and the indicator is following an upwards curve due to the buying activity in the market.

Terra price analysis: Recent developments and further technical indications

The 4-hour Terra price analysis is also dictating an upwards trend for the price function, as the price movement has been mostly towards upside for today, and the upward trend has been getting stronger despite the fact that price breakdown was downwards at the start of the trading session. The price has increased up to $83.3 in the last four hours as well, and further recovery can be expected as well. The moving average value in the 4-hour price chart is found at the $81 level.

LUNA/USD 4-hours price chart. Source: TradingView

The Bollinger bands are converging, indicating a decrease in volatility. The indicator is maintaining its average value at $80. At the same time, the upper Bollinger band is present at the $83.9 mark, while the lower Bollinger band is present at the $77 mark currently. The bullish trend has increased the RSI score up to the index 62 level.

Terra price analysis conclusion

The hourly as well as daily Terra price analysis is bullish, as it is giving out a positive hint regarding the price movements. Both of the predictions are going in favor of the bulls, as the rise in bullish momentum has taken a price above $83.2. The price has covered upward movement in the last four hours as well, which means that a further increase in LUNA/USD value is to be expected soon. We expect LUNA to correct before breaking above $84.3 resistance today.

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.

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Written by Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.