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Terra price analysis: LUNA/USD all set to hit $40?

Terra price analysis

TL;DR Breakdown

  • The cryptocurrency market is trading with mixed signals as we close the weekend.
  • Relative Strength Index (RSI) is in the neutral zone and seems to be sinking further into the overbought region. 
  •  According to technical indicators, the bearish trend will not last long.

Terra price analysis: General price overview

Towards the closure of yesterday’s Terra price analysis chart, LUNA/USD traded in bullish momentum. Things were the same during the opening hours of the daily price analysis chart. The Bollinger bands were wide, indicating high volatility. The price was leaning towards the upper band; this shows that the buyers were in control of the market.

The cryptocurrency market is trading with mixed signals as we close the weekend. The largest digital currency, Bitcoin (BTC), is trading at $48K, a deviation of (-0.96), while the second-largest digital asset Ethereum (ETH), is trading slightly above $3K, which is a loss of -1.2 percent in comparison to yesterday’s price.

However, the Binance coin (BNB) has recorded an increase of 0.2 percent. LUNA is having a great weekend as it has recorded a 13 percent increment. At the time of writing, LUA was trading at $35.45.

24-hours price movement: LUNA/USD struggles to beat $37.6

There are more red candlesticks than green in the early hours of the daily Terra price analysis chart, indicating that the overall market is bearish. Four hours after the daily chart began, the bulls came in and took control of the market, sending the price LUNA/USD to an intraday high of $37.6

LUNA/USD 4-hour chart: Will LUNA rally?

Terra has been trading at a bulish trend forming cup and handle trends on the four price analysis chart.

Terra price analysis: LUNA/USD all set to hit $40? 1

Source: Tradingview

The balance of power indicator is at -0.5, signaling a higher selling preasure. The sellers seem to have stormed the market and are set to cause a dip.

The MACD histogram on our daily Terra price analysis indicates short green bars that suggest the short-term momentum could be on the side of the bulls. Red bars were only seen on the chart a few hours ago when trading at $33.4. Here the bears were attempting to neutralize buying pressure. Meanwhile, the bearish strength could not counter the attack, and the price reverted to a Bulish trend. 

Relative Strength Index (RSI) is in the neutral zone and seems to be sinking further into the overbought region. This shows the buyers are in control and have a high probability of surging in the next 24 hours. 

1-hour price analysis chart

Terra price analysis: LUNA/USD all set to hit $40? 2

Source: Tradingview

In the one-hour price analysis chart, LUNA/USD is trading in a bearish trend, and this should worry the crypto trader as the sellers seem to have outnumbered the mighty bulls.

The price of the coin is below the simple moving average suggesting a bearish trend. The Bearish trend will not seize not until substantial buyers came into the market to curb the negative trend.

Terra Price Analysis: Conclusion

In the early hours, Terra price analysis was trading in a bullish trend. However, in the one-hour price chart, things have changed, and the bullish momentum cut short. According to technical indicators, the bearish trend will not last long. Bulls are going to come in and make the price of LUNA/USD hike to $40K.

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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