Terra price analysis: LUNA continues higher at $86, more upside to follow?
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TL;DR Breakdown
- The Terra price analysis is bullish today.
- Resistance for LUNA is present at $87.4.
- Support for LUNA is present at $84.8.
The Terra price analysis is bullish today, as LUNA again is on the way to retest $87.4, as the retracement period seems to be ending. LUNA started to correct after discovering a $99.5 all-time high on 26th December, as the price was capped just under the psychological mark of $100, but after a retracement of only three days, LUNA started recovery. However, market pressure is high as the price is at the higher price envelope, and a correction is again expected as the price nears $87.
LUNA/USD 1-day price chart: LUNA rallies again, as bulls sit at the driving seat
The 1-day price chart for Terra price analysis shows the price has increased today as the coin is continuing upside. LUNA traded in a range of $83.7 to $87.8 today and is currently trading hands at $86.2 at press time. LUNA/USD reports an increase in price value by 6.02 percent over the last 24 hours, but on the other hand, Luna reports a loss of 12.80 percent in value over the past week. The trading volume is down by 28.01 percent, but the market cap improved by 5.48 percent, resulting in the market dominance of 1.42 percent.
The volatility is quite high as the Bollinger bands are still expanded, but the lower band is now converging upwards, which hints at volatility to decrease in the future, which is a good sign as if we look at the previous trends, whenever volatility decreases, LUNA started to rally higher, and the volatility increases again, so we can expect another bulls rally in the coming days. Currently, the upper limit of the Bollinger bands at the $107 level represents resistance for LUNA.
The relative strength index (RSI), after coming down steeply, has been taking a broader turn since yesterday as the coin started to recover after the retracement. The RSI is present in the upper half of the neutral region at index 58, and the curve of the indicator is slowly turning upwards, hinting at the buying activity in the market.
Terra price analysis: Recent developments and further technical indications
The 4-hour price chart for Terra price analysis shows the price, after correcting for 12 hours continuously yesterday, has started to increase again, as it has rallied from $84.7 to $86.2 in just a few hours, despite the market pressure present at this stage. As bulls continue to rally, more upside is expected to be covered in the coming hours.
The volatility is decreasing on the 4-hour chart, with the upper limit of the Bollinger bands at $92.4 representing resistance for LUNA and the lower limit at the $81 mark representing the strongest support for LUNA. The RSI is on an upwards curve at index 45 in the lower half of the neutral zone. The curve of the RSI hints at the bullish support in play at the moment.
Terra price analysis conclusion
The Terra price analysis is bullish as the coin is covering range upwards again; after retracement from ATH, we expect LUNA to encounter some market pressure around $87.4 resistance level but is expected to continue further upside for the next 24 hours.
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.
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