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Terra Price Analysis: LUNA drops 15 percent, support at $60 holds

Terra Price analysis

TL;DR BreakdownF

  • Terra price analysis is bullish today.
  • LUNA/USD saw a strong decline again Yesterday.
  • Support at $60 retested.

Terra price analysis is bullish today as we expect some recovery after a strong drop lower Yesterday. Likely LUNA/USD will look to return above $66 previous support and look to set another lower high before more downside can be reached.

Terra Price Analysis: LUNA drops 15 percent, support at $60 holds 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen slight bearish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, have lost 0.32 and 0.90 percent, respectively. Meanwhile, Terra (LUNA) is the worst performer, with a loss of over 7.57 percent.

Terra price movement in the last 24 hours: Terra drops below $66, finds support at $60

LUNA/USD traded in a range of $60.08 – $68.55, indicating strong volatility over the last 24 hours. Trading volume has declined by 12.17 percent, totaling $2.4 billion, while the total market cap trades around $23.89 billion, ranking the coin in 10th place overall.

LUNA/USD 4-hour chart: LUNA prepares to reverse?

On the 4-hour chart, we can see the Terra price action consolidating today as bulls likely prepare to take over the momentum later in the weekend.

Terra Price Analysis: LUNA drops 15 percent, support at $60 holds
LUNA/USD 4-hour chart. Source: TradingView

Terrra price has seen a slow reversal over the past week. After a strong bull-run during the last days of November, LUNA/USD peaked at $70 before dropping to $50 last Friday along with the overall market.

However, LUNA did quickly recover, posting a strong higher high at $78 last weekend. After another strong higher low was set at $60 on Monday, another attempt to push higher followed.

This time bears quickly stepped in, slowing the market down as it peaked at $74 and set a lower high. More upside followed on Wednesday, setting a slightly higher local high at $76 before returning to the $66 support for the second time.

After a third attempt to move higher yesterday, which resulted in only the $72 mark reached, the Terra price broke lower, quickly dropping to $60. Likely, the newly found low is enough for now, and LUNA/USD is ready to retrace to set another lower high over the next days.

Terra Price Analysis: Conclusion 

Terra price analysis is bullish today as we expect a retracement from Yesterday`s loss to follow over the next 24 hours. Since strong support was found at the $60 mark, we can assume that LUNA/USD has established a clear swing low.

While waiting for Terra to move further, see our articles on Pi Wallet, Electrum Wallet, and Celsius 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.

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