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Terra price analysis: LUNA prices consolidate above $93.0 before a potential breakout

LUNA

TL;DR Breakdown

  • Terra price analysis shows a bearish bias trend
  • LUNA prices are currently trading above the $93.0 level
  • The strongest resistance for LUNA prices has been seen at the $99 level
Terra price analysis: LUNA prices consolidate above $93.0 before a potential breakout 1
Cryptocurrencies prices heatmap, source: Coin360

Terra price analysis reveals that the digital asset has been trading in a sideways trend over the last few hours before a potential breakout. At the time of writing, LUNA prices are trading around $93.71 after a slight bullish push from the bulls. A slight slip off from the $99 level caused a retracement that found support at the $93.0 horizontal line. The bulls have, however, managed to reclaim the position and push prices back up to the current trading range which is bearish. The bearish bias trend has seen LUNA prices slightly decline by 0.37 percent, signaling a potential breakout.

LUNA prices have been hovering around the $93.0 level for some time now and a breakout is expected in the near future. The digital asset is currently dominating 1.75 percent of the entire cryptocurrency market as the trading volume increases which is now at $2,547,426,953.96.The market capitalization for LUNA has been rising and is now at $33 billion as the cryptocurrency ranks position 8 overall.

Terra price analysis on a 1-day price chart: Bears and bulls push prices around in a sideways trend

Terra price analysis over the last 24 hours has seen bears and bulls battle for control as prices consolidate around the $93.0 level. The candlesticks have been relatively small, which could signal a possible breakout soon. The 50-day and 200-day Moving Averages are currently providing support at $92.50 and $90.47 respectively while the Relative Strength Index (RSI) is seen declining from the 60.00 level. The MACD is currently flatlining as the bulls and bears remain indecisive.

Terra price analysis: LUNA prices consolidate above $93.0 before a potential breakout 2
LUNA/USD 1-day price chart, source: TradingView

The main support levels have been seen at $92.50 and $90.47 while the main resistance levels are at $99 and $101.The bears have however come out victorious as prices have been pushed down from the $99 level. A breakout to the downside is expected in the near future with a target set at $92.50 and $90.47 respectively. The current market condition has seen the market volatility increase which is good for day traders as indicated by the bulging Bollinger bands.

Terra price action on a 4-hour price chart: Recent developments and further technical indications

Terra price analysis on a 4-hour price chart shows a potential bearish breakout on the horizon. Prices have been consolidating in a symmetrical triangle pattern as bulls and bear battle for control. The upper band of the Bollinger band is currently seen at $94.62 while the lower band is at $93.22. The RSI indicator has been declining from the 60.00 level and is now currently trading around the 57.00 level which could signal a possible bearish move in the near future as the MACD line and signal line cross to the downside.

Terra price analysis: LUNA prices consolidate above $93.0 before a potential breakout 3
LUNA/USD 4-hour price chart, source: TradingView

LUNA prices are expected to break down from the current trading range as the bears take control. The SMA 50 is currently trading below the SMA200 which is a bearish signal.LUNA prices seem to be in a consolidation phase as the market awaits a breakout. There is some selling pressure however as the RSI indicator is seen declining from the 60.00 level. The MACD line and the signal line are also about to cross to the downside, signaling a possible bearish move in the near future. A breakout to the downside is expected with targets set at $92.50 and $90.47 respectively.

Terra price analysis conclusion

From the analysis above, it seems that a bearish move is about to take place in the near future as prices are expected to break down from the current trading range. The bears however have the upper hand after the dynamic support at $93.0 failed to hold prices up as the bulls lost control. The market is currently in a consolidation phase but a breakout is expected soon. The current market conditions are favorable for day traders as the market volatility is on the rise. However, should bears heighten their selling pressure, prices could drop to $92.50 and $90.47 levels.

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.
Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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