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Terra price analysis: LUNA enters bearish domain at $84.4

LUNA

TL;DR Breakdown

  • Terra price analysis appears to be bearish.
  • The strongest resistance is present at $100.
  • the strongest support is present at $84.

The Terra price analysis seems to have started a negative approach with strong bearish dynamics. As a result, the price has experienced a crashing trend and decreased. On March 18, 2022, the price for LUNA went from $86 to $84. The cryptocurrency has shown further declining dynamics today and is now showing potential to plummet even lower. LUNA currently trades at $84, it has been down 4.85% with a 24-hour trading volume of $1,918,079,545 and a live market cap of $31,131,377,669. LUNA currently ranks #7 in the cryptocurrency rankings.

LUNA/USD 4-hour price analysis: Latest developments

The Terra price analysis has revealed market volatility to be following a declining trend, making the cryptocurrency’s price less vulnerable to variable change on either extreme. The upper limit of the Bollinger’s band is present at $92, which acts as the strongest resistance for LUNA. Conversely, the lower limit for the Bollinger’s band is available at $84, which represents the strongest support for LUNA.

The LUNA/USD price appears to be crossing under the curve of the Moving Average, signifying a bearish trend. The market trend seems to have solid bearish momentum with significant reversal opportunities. Although the price appears to be moving in a downwards trend, attempting to break the support, if the price and support meet in the coming days, the bulls will again shift the market dynamics in bullish favor. They will probably indicate a positive future for cryptocurrency.

Terra price analysis: LUNA enters bearish domain at $84.4 1
LUNA/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) is 36, which means that cryptocurrency slightly falls into the undervalued category; the selling exceeds the buying activity. As a result, the RSI can follow a downward approach that reflects the possibility of the cryptocurrency getting more devalued in the market. On the other hand, if the RSI score plummets too much, it will lead to a reversal and increase its value.

Terra price analysis for 1-day: Market tightens

The Terra price analysis shows market volatility following a declining trend. The cryptocurrency price is becoming less prone to change; the LUNA/USD price opportunities subject to fluctuations also follow a declining movement. The upper limit of the Bollinger’s band is present at $100, which acts as the strongest resistance for LUNA. Conversely, the lower limit for the Bollinger’s band is available at $74, which represents the strongest support for LUNA.

The LUNA/USD price appears to be crossing under the Moving Average curve, indicating a strong bearish trend. The market remains bearish, with declining volatility signifying the bear’s hold on the market. The price path appears to follow a strong downtrend that counters the volatility. The LUNA/USD value might break the support and reverse the market dynamic.

Terra price analysis: LUNA enters bearish domain at $84.4 2
LUNA/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) has 52, meaning that the cryptocurrency does not fall into the undervalued or the overbought lot. RSI appears to be following a slight downwards movement signifying a depreciating value for Terra. The selling activity exceeds the buying activity, due to which the RSI score declines.

Terra Price Analysis Conclusion

Concluding the Terra price analysis, we can deduce that the market has recently entered a bearish movement. However, the 4-hour research suggests that a reversal is to be expected sooner than later, the market will feel some pressure, but as the support remains strong at the $84 mark, the value will not be falling below it. However, if the support breaks, the support and resistance will be backtracked.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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