- Terra price analysis is bullish for today.
- The intraday low acted as a support for the bulls.
- The Bollinger bands widened in the early trading hours, indicating LUNA/USD has higher volatility.
Terra price analysis: General price overview
Terra price analysis is bullish for today as a consolidation above the $34 support was seen overnight. Therefore, we expect LUNA/USD to move higher over the next 24 hours and regain some more of the loss seen earlier this week.
The 20-day Moving Average is rising, suggesting that the price of LUNA/USD is on an uptrend, while 100-day MA has crossed over the 200-day MA, indicating that the market is bullish. Bears are not likely to curb the bull momentum as the bulls are aiming to enter into the weekend with a positive trend.
The intraday low acted as a support for the bulls. This support seems strong, aiding the bulls to start an uptrend and forming head and shoulder patterns to highs of $30.33. The bears came in so potent, pushing the price downwards in a falling wedge.
The Bollinger bands widened in the early trading hours, indicating LUNA/USD has higher volatility. LUNA/USD price was closing towards the upper band of the Bollinger, signaling a potential bull run.
Cryptocurrency heat map. Source: Coin360
Generally, the cryptocurrency is trading in mixed reactions, as indicated by the cryptocurrency heatmap. The giant assets Bitcoin and Ether are part of the section that is trading in a bearish trend. Despite the two prominent assets trading bearishly, most altcoins are enjoying a massive price surge. Binance coin is trading positively at $415, which is a 2 percent price surge. Solana is the hottest gainer of the day, recording more than 15 percent price increment, while BNK has recorded the most losses according to the coin360 heatmap.
LUNA/USD 4-hour chart: Bullish momentum
On the 4-hour chart, we can see bullish momentum slowly returning, indicating further upside to come later this weekend.
LUNA/USD 4-hour chart. Source: TradingView
The BoP indicator is neutral as the buyers and sellers have the same strength. However, the bull power seems to be overwhelming the bears, leading to a price surge in the coming trading sessions.
Most technicals are positive on the LUNA/USD price. Buyers are struggling to break through the $36 resistance. However, bears are not willing to let the bulls surpass the intraday highs. The bulls seem to be strategizing for an attack and create a solid resistance that will enable them to break through the resistance.
The Bollinger band is wide on the four-hour price analysis chart, meaning the coin is moderately volatile. LUNA/USD price was lying slightly above the Lower band and shown possibilities to cross below the band; this indicates that the market is in the hands of the bears.
Terra Price Analysis: Conclusion
Terra price analysis is bullish as the previous significant support was retested overnight, and bulls gain momentum again. Therefore, we expect LUNA/USD to move higher over the next 24 hours and look to breach the $38 resistance next.
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