- 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.
Cryptocurrency heat map. Source: Coin360
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.