Terra Price Analysis: LUNA begins consolidation above $67.5, reversal to follow?
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TL;DR Breakdown
- Terra price analysis is bullish today.
- LUNA/USD found support at $67.5.
- Bulls likely prepare to retrace the market.
Terra price analysis is bullish today as we expect a retracement to follow after a drop to the $67.5 mark yesterday and a consolidation since. Likely we will see previous support levels retested as resistance over the next days.
The cryptocurrency market has seen bullish momentum return over the last 24 hours, with the market leader, Bitcoin, gaining 1.03 percent. Ethereum follows with 1.1 percent, while Solana (SOL) is the top performer, with a gain of over 5.5 percent.
Terra price movement in the last 24 hours: Terra consolidates above $67.5
LUNA/USD traded in a range of $68.57 – $72.99, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 29.47 percent, totaling $2.12 billion. Meanwhile, the total market cap trades around $25 billion, ranking the coin in 9th place overall.
LUNA/USD 4-hour chart: LUNA looks to reverse?
On the 4-hour chart, we can see the Terra price action has established a strong base over the last hours, likely from which bulls will look to regain some of the previous loss.
Terra price action has seen a strong decline this week. From the previous swing high at $94, LUNA/USD has declined by over 28 percent to the $67.5 mark.
Therefore, the overall market sentiment has turned bearish again. Since a lot of the gain seen in December has been retraced, we could see a new major swing higher low set soon.
However, first, the Terra price structure needs to set a clear higher high. Currently, the selloff has ended, meaning we expect retracement over the next days. After that, another push lower is highly likely.
Terra Price Analysis: Conclusion
Terra price analysis is bullish today as the market has formed consolidation above $67.5 after a strong decline earlier this week. Likely LUNA/USD now prepares to retrace.
While waiting for Terra to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.
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