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Terra price analysis: LUNA set to test $84 support as bears dominate trade

Decentraland price analysis

TL;DR Breakdown

  • Terra price analysis shows price moved as low as $84.86 over the last 24 hours
  • Price set to test $84 support below crucial moving averages
  • Further decline could initiate a fall towards $70

Terra price analysis is bearish today, as the token slipped further into the decline that was initiated on March 15. LUNA fell as low as $84.84 over the past 24 hours and is expected to continue testing the $85 support mark. LUNA trading volume over the day’s trade also fell more than 34 percent, while market capitalisation dropped by over 2 percent. The bears are expected to keep price below the crucial moving averages at $84 and may even push price back towards $70 if the decline continues without buyer impetus. However, if buying action is able to drive price upwards it could take price up to the $105 resistance.

The larger cryptocurrency market showed mixed results, as major Altcoins consolidated while Bitcoin dropped down to $40,500 from yesterday’s $41,000 price. Ethereum rose up to $2,800, whereas Ripple moved slightly upwards to reach $0.79. Dogecoin and Cardano dropped down to $0.11 and $0.83, respectively, while the Avalanche token jumped up more than 7 percent to reach $79.72. Meanwhile, Solana and Polkadot also suffered minor losses, with price sitting at $86.61 and $18.57, respectively.

Terra price analysis: LUNA set to test $84 support as bears dominate trade 1
Terra price analysis: Cryptocurrency heat map. Source: Coin360

Terra price analysis: Bearish crossover on daily chart shows price decline

The 24-hour candlestick chart for Terra price analysis shows price forming a descending pattern as the Terra market declines. Price now sits just above support at $86.10 and could further decline towards $70. The 25-day exponential moving average (EMA) still sits within the price range at $87.44 and price will look to target this point over the next 24 hours. Market valuation has been severely declining over the past 24 hours, with a relative strength index (RSI) value of 53.77.

The major technical indicator that suggests a persistent state of downward movement for LUNA is the moving average convergence divergence (MACD). The chart shows a bearish crossover initiating around March 15, and continues to move further away from the neutral zone.

Terra price analysis: LUNA set to test $84 support as bears dominate trade 2
Terra price analysis: 24-hour chart. Source: Trading View

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.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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