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Terra Price Analysis: LUNA continues to retrace, support found above $38?

Terra Price analysis

TL;DR Breakdown

  • Terra price analysis is bullish today.
  • LUNA/USD continued to retrace overnight.
  • Support around $38-$39 reached.

Terra price analysis is bullish today as a strong previous support area has been reached after a decline over the past 24 hours. Therefore, we expect LUNA/USD to reverse and regain some of the loss later today.

Terra Price Analysis: LUNA continues to retrace, support found above $38? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, gained 1.44 percent, while Ethereum was up by 0.4 percent. Meanwhile, Terra (LUNA) lost around 5 percent.

Terra price movement in the last 24 hours: Terra retraces to $38 – $39 support area

LUNA/USD traded in a range of $38.80 – $43.21, indicating strong volatility over the last 24 hours. Trading volume has increased by 11.71 percent and totals $815 million, while the total market cap trades around $16.3 billion, ranking the coin in 11th place overall.

LUNA/USD 4-hour chart: LUNA set to regain overnight loss?

On the 4-hour chart, we can see the Terra price starting to regain the loss, indicating that further upside will follow today.

Terra Price Analysis: LUNA continues to retrace, support found above $38?
LUNA/USD 4-hour chart. Source: TradingView

Overall, the Terra price has seen bullish momentum return over the past weeks. After setting both a higher low and lower high in September, the market direction was unclear until October.

On the 1st of October, LUNA/USD started to advance higher, breaking above the previous swing high at $41 on the 2nd of October. Further upside followed over the next days, leading Terra above the next swing high of $45 and ultimately to the current swing high of $49.

Since then, a retracement and a retest of the $49 mark has been seen, forming a double top reversal pattern on the 8th of October. From there, the Terra price has declined by almost 20 percent and has reached $38 – $39 support area.

Terra Price Analysis: Conclusion 

Terra price analysis is bullish today as a strong support area has been reached, and some bullish pressure was seen this morning. Therefore, we expect LTC/USD to continue higher later today.

While waiting for Terra to move further, read our guides on the Best NFT marketplaces, NFT history and development, as well as NFT Music.

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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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