TL;DR Breakdown
- Terra price analysis is bullish today.
- LUNA/USD saw another drop lower over the last 24 hours.
- Terra is ready to regain some of the loss.
Today’s price analysis for Terra is bullish, owing to the fact that we anticipate a rebound after a high of $41 resulted in a rapid retreat back above $43 in recent hours. As a result, LUNA/USD is likely to recover later today, which will most likely bring about further gains.
According to the cryptocurrency heatmap by Coin360, the overall market is trading in the red zone. Bitcoin and Ethereum have lost 3.17% and 4.65% respectively. Ripple (XRP) and Binance Coin (BNB) are the worst losers of the day after dropping by more than 5%.
Terra price movement in the last 24 hours: Terra declined by 20 percent, support found at $41
The price of LUNA/USD has been trading in a range of $41.41 – $43.97 for the past 24 hours, indicating significant volatility during that period. Volume is up by 162.87 percent, totalling $1.22 billion, while the market capitalization is about $19.54 billion, putting it in the top 100 cryptocurrencies as of now.
LUNA/USD 4-hour chart: LUNA ready to recover?
On the 4-hour chart, we can see that after the $41 support was broken earlier today, sellers have once again pushed the Terra price downward.
The price of Terra took a break on Wednesday, August 15 after many weeks of strong gains. The price of LUNA/USD formed a double top before declining after the second attempt to rise higher.
On November 13, $50 represented a significant level of support. The stock rose over the next three days, establishing a lower high at $53 on the 16th of November. LUNA has subsequently continued to fall, breaking past local higher highs yesterday.
The trading range expanded to $42.60 on Tuesday, before contracting back down to the low end of that range at $40.15 today. Since then, more than 20% have vanished, with the $41 mark briefly tested earlier today. Bulls will likely not establish further declining lows as they recover from their losses and prepare to take control again
Terra Price Analysis: Conclusion
Today, the price of Terra is strong since buying pressure has returned as the $41 level was earlier today. As a result, LUNA/USD will likely recover above $45 over the next 24 hours.
While waiting for Terra to move further, read our guides on eToro vs Coinbase, How to mine Terra Classic, and Terra vs Cardano.
