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Terra price analysis: LUNA breaks above $90 as buyers push through

Terra price analysis

TL;DR Breakdown

  • Terra price analysis suggests upwards movement to $93
  • The closest support level lies at $90.00
  • LUNA faces resistance at the $92.00 mark

The Terra price analysis shows that the asset’s price action has finally found bullish support to breakthrough the $90.00 mark. If the buyers capitalize on this momentum, LUNA may see the $95.00 mark in the next few days. 

The broader cryptocurrency market has observed a bullish market sentiment over the last 24-hours as most major cryptocurrencies observe positive price movements. Major players include AVAXand SOL recording an 11.43 and a 5.82 percent incline respectively.

Terra price analysis: LUNA breaks above $91.00

Terra price analysis: LUNA breaks above $90 as buyers push through 1
Technical indicators for LUNA/USDT by Tradingview

Across the technical indicators, the MACD is currently bullish as observed in the green color of the histogram. The indicator has expressed a bullish crossover yesterday and shows a steady growing bullish momentum since then. The price action has broken above the $91.00 mark suggesting further incline for the MACD in the short term. 

The EMAs are currently trading close to the mean position as the LUNA price observes low net activity over the past few days as the recent bullish activity barely cancels out the bearish activity observed over the past five days. At press time the 12-EMA is moving upwards with a gentle slope while the 26-EMA moves horizontally and is yet to react to recent price movements. 

The RSI was trading low yesterday as LUNA dove below the $83.00 mark, but now the index has risen above the mean position at the 50.00 index units and hovers around the 60.00 index level. Currently, the indicator is moving upwards as buyers push above the $91.00 mark across the short-term charts. Regardless, the indicator’s mean position leaves room for sharp activity in either direction.

The Bollinger Bands are currently narrow but show divergence as the price action moves to break above the indicator’s upper limit at $91.45. The indicator’s mean line provides support to the bulls at $87.77 while further below the lower limit provides a foothold at $84.09

Technical analysis for LUNA/USDT

Overall, the 4-hour Terra price analysis issues a strong buy signal with 16 of the 26 major technical indicators showing support to the bulls across the timeframe. On the other hand, only one of the indicators supports the bears, showing little to no bearish presence in recent hours. Meanwhile, the remaining nine indicators sit on the fence and do not issue any signals at press time.

The 24-hour Terra price analysis shares this sentiment and issues a buy signal with 13 major technical indicators suggesting upwards movement against only four indicators suggesting further upwards movement. The analysis reinforces bullish dominance while showing low bearish pressure across the mid-term charts. At the same time, nine indicators remain neutral and do not support either side of the market.

What to expect from the Terra price analysis?

Terra price analysis: LUNA breaks above $90 as buyers push through 2
4-hour price chart by Tradingview

The Terra price analysis shows that after finding strong bearish pressure at the $105.00 mark which rejected the trend causing LUNA to fall below the $83.00. The bearish activity has reversed the bullish activity of the past few days. At press time, the bulls and the bears are at a standstill as either side struggles for dominance.

Currently, traders should expect the Terra price analysis to move upwards towards the $93.00 mark as the bears dominate the mid-term charts; However, the low trade activity suggests low volatility. The market sentiment is also mixed suggesting a lack of momentum across the short-term charts. Nonetheless, the bullish mid-term chart suggests that the price action is headed upwards.

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.
Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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