- Terra price analysis is bullish today.
- LUNA/USD saw a strong reversal yesterday.
- Closest resistance at $66.
Terra price analysis is bullish today as we expect further upside to follow after a higher high was set above $62 yesterday. We expect LUNA/USD to break the $66 mark next as the momentum is still strong.
The cryptocurrency market has seen strong bullish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, have gained 3.3 and 6.51 percent, respectively. Meanwhile, Terra (LUNA) is among the top performers, with a gain of over 14 percent.
Terra price movement in the last 24 hours: Terra spikes above $62, continues higher
LUNA/USD traded in a range of $54.48 – $64.98, indicating strong volatility over the last 24 hours. Trading volume has declined by 6.72 percent, totaling $2.1 billion. Meanwhile, the total market cap trades around $24.3 billion, ranking the coin in 11th place overall.
LUNA/USD 4-hour chart: LUNA ready to break $66 next?
On the 4-hour chart, we can see the Terra price action still advancing today, indicating a break above $66 could come next.
Terra price action has seen a strong decline over the past week. After the market reached $79 on the 4th of December, the following attempts to move any higher were rejected.
The market structure broke down on the 10th of December, as a strong lower low was set at the $53 mark after several days of decline. Since then, LUNA/USD has set another lower high at $60.
However, after bearish momentum returned yesterday, LUNA/USD quickly reversed above $54, spiking above the previous high. More upside followed overnight, leading to the current attempt to break the $66 next resistance.
Terra Price Analysis: Conclusion
Terra price analysis is bullish today as we saw the $62 resistance broken yesterday and further upside tested so far today. Therefore, LUNA/USD is likely headed even higher over the next 24 hours, with the closest resistance at $66.