- Terra price analysis is bullish.
- LUNA/USD rallies to approach the $86-mark.
- Support for LUNA is present at $81.2.
The cryptocurrency market is seeing a lot of green today, with several assets in the top-20 bracket making significant gains. Among these is LUNA, which has surged by over 9% in the past 24 hours and looks set to continue its upward momentum in the near future. Let’s take a closer look with technical analysis.
On the 4-hour chart, we can see that the LUNA/USD pair has been in an upward trend since mid-March. The price surged from $51 to its all-time high of $95.8 on April 2 and has since corrected lower. The retracement found support at the 20-day moving average ($81.2) and the price has now bounced off this level to resume its uptrend.
LUNA/USD 1-day price chart: Recent bullish rally
The 1-day chart for Terra price analysis shows that the coin price has surged high today. Bulls have covered a range from $76.8 to $85.1. The price is currently set at $85.1, as the coin has gained 3.80 percent during the last 24 hours; however, the coin is at a loss of 1.93 percent over seven days. The price has jumped above the moving average (MA) indicator, which is trading at $83.5, and the current price and the MA value are still below the SMA 50 curve due to the continuous bearish trend during the past few days.
On the downside, the first support is present at $81.2, which is the 20-day moving average. If the price breaks below this level, it could decline to $77. The next major support below this is located at $71.5.
LUNA/USD 1-day price chart. Source: TradingView
The volatility is high, which has provided the chance for the bulls to rally high, with the upper Bollinger band reaching $122.9 representing the strongest resistance for LUNA, and the lower band reaching $70.2 representing the strongest support combined the indicator suggests a vast price envelope for LUNA to oscillate within. The Relative Strength Index (RSI) score has also increased to index 44, and the indicator curve is also steeply upwards, which indicates the high buying activity in the market.
Terra price analysis: Recent developments and further technical indications
The 4-hour chart for Terra price analysis also supports the bulls as they have been in the lead for the last 12 hours and have gained significant value for the crypto pair. Bears also tried to play in after the price broke upwards at the start of the day but were soon sidelined by the bulls. The price has been recorded to cover range upwards during the last four hours as well as it has reached $85.1.
The RSI is currently above 50 and rising, indicating that bullish momentum is building up in the market. The MACD is also in positive territory and is rising, suggesting that the uptrend is likely to continue in the near term.
Looking at the 4-hour chart, we can see that the price has formed a descending channel pattern. The pair is currently trading at the top of this channel and looks set to retest the resistance at $86. If the price can break out of this level, it could rally to $95. The next major resistance above this is located at $102.
Terra price analysis conclusion
From the above 1-day and 4-hours Terra price analysis, we can see that the bulls are trying to fight back the bearish momentum. The LUNA/USD price levels have reached $85.1 today, which is a great achievement for the bulls after a period of huge losses. We expect the cryptocurrency to continue to gain further upside for the coming 12 hours.
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.