TL; DR Breakdown
- Terra price analysis chart indicates bearish price momentum.
- Bulls are expected to push LUNA/USD price upwards.
- The Bollinger bands expanded in the early trading sessions, suggesting that LUNA/USD has high volatility.
Terra price analysis: General price overview
Terra price analysis chart indicates bearish price momentum to follow later today as the market peaked around $38 earlier today and currently dropped back to $36 support. Therefore, we expect LUNA/USD to fall further and retest a lower price region. The September 7 long tail indicates aggressive bulls buying each LUNA dop – this could continue and bring in more bulls if the coin falls below $33.
The Bollinger bands expanded in the early trading sessions, suggesting that LUNA/USD has high volatility.LUNA/USD was closing toward the upper Bollinger band, implying a possible bull run.
Cryptocurrency heat map. Source: Coin360
The cryptocurrency market is bullish as the green bars outnumber the red bars on the heatmap. The largest digital asset is trading in a slightly bullish trend, recording more than three percent gain from yesterday’s price. Bitcoin seems to be eyeing the $50K mark. Ether is also trading in a positive trend, recording a 2 percent price surge, and it is currently trading a few dollars below $3.5K.Terra is also trading in the same bullish trend recording a two percent price surge.
Terra price movement in the last 24 hours: LUNA/USD high volatile market
LUNA/USD traded in a range of $34 – $37, indicating substantial volatility during the previous 24 hours. Trading volume has fallen by 27.41 percent and totals $1.1 billionTerra’svolatility during the total market cap trades in a decline of more than 2 percent, making the total market cap add to around $14 billion, ranking the coin in 11th place overall.
LUNA/USD 4-hour chart: LUNA set to retest the $38 support?
On the 4-hour chart, we can see the Terra price action declining again as bulls prepare ready to break higher.
Terra’s price has seen substantial volatility this week. A new lower low was set after a significant drop from $35 to $23 on the 7th of September. However, the market did recover rather quickly over the following days,
On the 10th of September, LUNA returned above the $31 support, with a further 40 percent upside over the following hours. The Terra price action eventually peaked below $45, resulting in a retracement to $34 yesterday.
From there, another attempt to move higher was seen earlier today. LUNA/USD peaked at $38 this time, with another retracement over the last hours. Overall, this should lead Terra lower today, with the $34 support likely retested again.
Terra Price Analysis: Conclusion
Terra’s price analysis is bullish today. Most technicals suggest an upward momentum is on the way. Bulls are preparing for an upward trend that will send the price past $40.
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